Free Press Journal

Bhopal: Businessman want bank transaction charges to go


BHOPAL: Businessmen have demanded to abolish the banking charge on transactions stating it was not favourable for the market which had already been affected due to demonetisation.

As per the banks, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day.

For non-home branches, banks would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150. For anywhere cash deposit, banks would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter. ATM intercharge charges have also been re-introduced.

Akhil Bharatiya Vyapar Mandal general secretary Anupam Agrawal said, “Bank charges should be abolished immediately. It is not favourable for the business fraternity. Market is already affected and after lifting restriction on cash withdrawal it is picking up. But if banks continue to impose charges on transaction, it will hamper the business in the market.”

New Market businessmen association president Satish Gangrade said, “It is not fit from any angle to impose charges from banks’ side on transactions. It will have adverse effect on business, which is already facing debacle after demonetisation. It will take time for the market to recover.”

Kanchan said, “It is not fair to impose the charge on transactions. The market is already badly affected due to demonetisation. Businessmen are not interested to pay service charge to banks and the government should immediately intervene in the matter.”

Ashish Dar said, “The Centre should intervene in the matter. Otherwise, it will generate resentment not only in the business class but also in common men. No one is interested in paying such kind of service charge to banks on transaction.”

Rakesh Dwivedi said, “The government should immediately withdraw the banking charge from transaction. It will force people not to deposit cash in banks and ultimately, it will promote cash transaction in market.”

UC Qureshi said, “To impose charge on transaction is a draconian law and should be immediately lifted. People have to withdraw money from banks frequently.”

Rajni Chhabara said, “We are helpless with such a kind of ruling of banks. It is unnecessary charge banks have imposed on transactions. It will again have adverse affect on our business. Such draconian law should be immediately lifted in the interest of the people.”