29 May 2017 | Last updated 02:31 PM


 
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SBI plans hit by public outcry?
Agencies | Thursday, 11 May 2017 AT 11:50 PM IST
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MUMBAI: State Bank of India (SBI) on Thursday said it will allow cash withdrawals from ATMs using the bank’s mobile wallet at a charge of Rs 25 on every mobile wallet withdrawal, hours after a report in a financial newspaper stated the bank will levy Rs 25 for every regular ATM withdrawal.

SBI was quick to deny the earlier report of increased service charges on regular ATM transactions, with SBI MD (national banking) Rajnish Kumar saying, “The service charge on cash withdrawals from ATMs has not been changed for normal savings accounts.” Kumar also claimed there was an error in a circular issued earlier and said a corrected circular will be issued soon.

Meanwhile, a public outcry broke out over news of the increase in regular ATM usage charges with messages on social media terming the move outrageous. A jab at the country’s largest public sector lender read: State Blade of India.

In Kerala, many customers lined up at SBI cash kiosks and expressed their anger and State Bank Staff Union (SBSU) Kerala Circle also expressed its protest and said increased ATM withdraw charges would compel the clientele to discontinue operations, ultimately disrupting public banking system in the country.

“The Central government is cheating people. Ever since demonetisation began, the Centre has been bullying people. This is going to be taken up in and out of Parliament very strongly,” CPI-M Lok Sabha member B Rajesh was quoted as saying.

Notably, SBI had made maintenance of monthly minimum balance compulsory in savings accounts under metro, urban, semi-urban and rural categories recently and all categories require Rs 5,000, Rs 3,000, Rs 2,000 and Rs 1,000 minimum balance to be maintained to avoid suspension of accounts after a said period.
 
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