Bank of Baroda withdraws order reducing free cash transactions

The government said that none of the state-owned banks proposed to raise bank charges in the near future in view of the Covid-19 pandemic

State-owned Bank of Baroda has reversed its decision to reduce the maximum number of free cash transactions every month, the finance ministry said in a statement on Tuesday.

The finance ministry came out with a statement following “several media reports alluding to steep increase in service charges by certain public sector banks.” It stated that among the state-owned banks, only Bank of Baroda had decided to lower the cap on free cash deposits and withdrawals from 5 to 3 in a month. There was, however, “no change in the charges of transactions in excess of these free transactions,” according to the