FAM welcomes RBI move to appoint committee to examine bank charges

Mumbai, Apr 27 (UNI) Federation of Associations of Maharashtra (FAM) has welcomed the Reserve Bank of India (RBI)'s decision to constitute a working group to examine bank charges for various services.

In a statement here today, FAM president Mohan Gurnani said the RBI is contemplating to institute a working group to examine the ATM interchange fee, the processing fee charges for non maintenance of quarterly balance, and other arbitrarily fixed charges by various banks.

There are no standard norms for the service charges, charged by banks. In most instances, the charges are unreasonable and non transparent, Mr Gurnani said while urging the working group to also examine the different interest rates charged by the banks on various credit accounts as ''these are highly discriminatory for different categories of customers''.

UNI AR MAZ VKG1416