A BJP MP from Maharashtra has asked RBI Governor Urjit Patel to look into complaints with regards to banks misinterpreting a RBI circular on savings bank accounts held by co0perative housing societies.
In a letter to Patel, BJP MP Gopal Shetty said there have "multiple instances" wherein banks have wrongly debited savings bank account of housing societies and even closed a few accounts.
"When asked for explanation...they (banks) gave evasive answers referring to (the July 2015) RBI circular," the letter said.
The circular relates to interest rates on rupee deposits held in domestic, ordinary non-resident (NRO) and non-resident (External) (NRE) accounts.
The MP asked the RBI for a "quick intervention and corrective action" in the matter.
He also demanded that accounts which have been closed should be re-instated, and debited money be returned.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app