'ATM Transaction Charges Are 'Institutionalised Extraction,' Says Tamil Nadu CM M K Stalin

Chennai: Strongly hitting out at the Reserve Bank of India for allowing banks to charge up to Rs 23 for bank ATM transactions beyond the monthly free transaction limit from May 1, Tamil Nadu Chief Minister M K Stalin on Sunday labelled it “institutionalised extraction.”

Tamil Nadu CM M K Stalin's Statement

“This is not digitisation. It is institutionalised extraction. The poor swipe, the rich smile,” the DMK leader charged in a social media post. “This will make people withdraw more than they need and in particular, negate the objectives of financial inclusion of poor,” he said.

According to him, beneficiaries of the Mahatma Gandhi Rural Employment Guarantee Scheme, who were already starved of funds and the poor who benefit from the Kalaignar Magalir Urimai Thogai cash transfers (Rs 1,000 a month for women heads of family) would be the ones who would be hit the hardest.

The Chief Minister recalled the Union Government had urged every citizen to open bank accounts and then followed it up with demonetisation. “What followed? Charges on digital transactions, penalties for low balances and now the RBI has allowed banks to charge up to Rs. 23 for ATM withdrawals beyond the monthly limit.”

Tamil Nadu CM M K Stalin Extends Ugadi Greetings

Meanwhile, in another post extending Ugadi greetings to “Telugu and Kannada speaking Dravidian sisters and brothers,” Stalin said the need for unity among south Indian states has never been greater, in the face of growing linguistic and political threats such as “Hindi imposition” and delimitation.

“We must come together and defeat every attempt to undermine our rights and identity,” he said hoping Ugadi would “kindle the spirit of resistance and solidarity that binds us together”.