Minimum Balance Charges

Sri S.K. Bandlish,

Convenor,

UFBU,

Chandigarh

Dear Sir,

         YOUR STAND ON....

         Penalties For Not Maintaining 

         Minimum Monthly Balance in

         Savings Bank Accounts

Though, we are briefed that you or your constituents don't give cognizance to our concerns, but we venture to invite your kind attention to certain issues that hit below the belt of poor account holders with an objective to drive them out from banking services. We write this letter, having seen your profound love to mass banking and hope you would react to it to prove your honest intention & commitment to economically oppressed segment of society, under threats.

In last three years PSBs recovered whooping amounts of Rs. 6155.10 crores, year wise details as given under, as penalty for not maintaining minimum balance in Savings Accounts by account holders.

In FY 2016-2017 Rs.  790.22 Crores,

In FY 2017-2018 Rs.3368.42 Crores &

In FY 2018-2019 Rs.1996.46 crores, total Rs.6155.10 crL

We do not think it necessary to introduce you as to who are they, who could not maintain minimum monthly balance, since you are expected to know being working Banker. 

In past, we have had drawn the attention of govt authorities and requested not to impose any penalty, but don't pay interest on such accounts. This was ideal option without any hurt to poor account holders.

On the other side, every day Banks are carrying out RTGS remittances lakhs in number to the tune of several thousand crores free of charge, to promote digital transactions. These are commercial transactions, aimed at businesses.

Penalty deduction from poor Savings Account Holders and free RTGS services to businesses look quite in contrast. Banks are loosing crores revenue on remittances every day. Banks accept cash & process RTGS st one point and delivering cash at other point. It's free hawala transaction. Bankers are not getting bare minimum service charges for such commercial transactions. Once such transactions can be justified for Savings Bank accounts, but how for CA, OD, CC accounts.

You and your constituents are seem to be in agreement with the said policy that favours businesses & corporates and penalize Savings Account Holders. We have never seen any voice against it from anyone of you. 

At a crucial junctures, where Bankers harp on their financial difficulties to meet wage increase & pension revision cost, we find you all with stitched lips and don't reply suitably.

We are interested to know your stand in this regard. Your silence indicate that you all are in agreement with this situation. You just give sermons of mass banking. You criticise certain things just for criticism sake. Your anti-people plank is just a plank to prove correct things as incorrect. Instead to be  straight & simple, you make situations cumbersome, & complicated. Banking fraternity don't appreciate it and it's distancing drifting away from their organizations. Yours to be unmindful is arrogance that you all suffer from and punish your people.

With Greetings,

(J. N. Shukla)

National Convenor,

United Forum of Bank Pensioner Activists,

Prayagraj

2.12.2019

न गर्व , न पूर्वाग्रह,

सिर्फ आग्रह

NEITHER PRIDE 

NOR 

PREDILECTIONS,

ONLY  APPEAL

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