The State Bank of India’s (SBI) proposal to levy fees and charges for various services from customers will lead to currency hoarding and shortage, Finance Minister T.M. Thomas Isaac has said.
Replying to a submission in the Assembly on Friday by A.N. Shamseer on the proposal to charge ₹25 for every ATM transaction, Dr. Isaac said that customers would become wary of depositing money in banks and this would eventually lead to currency hoarding and crunch soon. The Centre, as part of its remonetisation efforts, pumped in currency to the economy, but it would not reach the banks.
In the face of protests, the bank had said that the service charges had been frozen, but it would be introduced through some other means. The common man was being forced to bear the NPA burden of corporate companies, he said.
Mr. Shamseer said the nationalised bank was acting like Shylock and fleecing the customers. Charges were being levied for issuing cheque books, exchanging soiled notes, and other services. The Assembly should unanimously protest against the decision and take up the issue with the Centre, Mr. Shamseer said.
P.T. Thomas and M. Swaraj said the decision would have far-reaching consequences. Dr. Isaac said that he would take up the issue with Union Finance Minister Arun Jaitley soon.
