Mumbai: The Standing Committee on Finance, headed by senior Congress leader M Veerappa Moily assured Money Life team, NGOs and bank unions that it will seek clarification from Reserve Bank of India (RBI) and State Bank of India (SBI) on the issue of unfair pricing of banking services.
A campaign was launched by Money Life and other social activist concerned about the unreasonable charges of the bank. As part of a campaign, a presentation was made to the chairman of Standing Committee on Finance, Veerappa Moily in Mumbai. After the meeting, Moily assured that the committee will seek clarification from RBI and SBI.
Money Life and others in a letter written to Moily said that it also approached the RBI as well as the Ministry of Finance with a Memorandum, but have not received any response from either.
Recently, State Bank of India (SBI) sparked outrage in Kerala by deciding to charge Rs 25 for every single cash withdrawal from State Bank Buddy as well as exchange of soiled notes, which again portrays the growing unfair pricing mechanism that banks are introducing (although, the bank had to withdraw it when it faced outrage.)
