Mumbai : The Indian Banks’ Association on Wednesday clarified that social media rumours that all free services provided by banks would cease on Jan 20, were “baseless and false”. “…there is neither move by banks for such a blanket removal of free services nor such thing is being contemplated.

 “However, banks looking at their commercial and operational costs will constantly examine and revise charges as the case may be,” the banking lobby group said in a statement. Following some large banks bringing bank fines on minimum account balances and increasing service charges on some facilities, there have been rumours floating around on social media platforms that all free banking services will cease to exist.

 Referring to the Indian Banks’ Association statement, Rajiv Kumar, Secretary – Department of Financial Services (DFS), which is under the Ministry of Finance, tweeted that there was no such proposal to discontinue free services offered by banks. Furthermore, the Indian Banks’ Association added that the general public should not be misled by such messages and that there are no such RBI guidelines to this effect, as claimed on social media. Earlier this month, messages circulating on social media had said that banks would introduce new charges on various services from January 20.

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