Banking is becoming a mess and the way things are moving depositors would be asked to pay a fee for depositing the money. The use of technology is to save cost of transactions and ATMs have facilitated to save a lot of cost in terms of maintaining branches and staff at a high cost.SB account holders get a pittance of 4% for their balances and on that they have to pay taxes also if the interest exceed Rs 10000. Banks can manage to accommodate lakhs of Crores of NPAs and write off of loans again at the Cost of depositors as there is absolutely no resistance from them. Charging for ATM withdrawal is nothing but a planned loot and RBI should not be party to this.Time depositors unite and fight for their rights. It is unfortunate that banks and bad borrowers are thriving exploiting the depositors by all possible means and it is the best opportune moment for Money Life to organise Depositors and fight for their justifiable rights.
Dr.T.V.Gopalakrishnan
(This comment is published in Money Life dated 25/8/14 against an article is the restriction on the free use of ATM fair ?)
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