Sunday , November 24 2024

RBI takes action on two major banks on balance charge issue, complain if you are being charged

Yes Bank faces penalty from RBI: Since Yes Bank charges its customers for not maintaining a balance in their savings accounts, RBI has imposed a penalty of Rs. 91 lakh. The bank charged some accounts for not maintaining a minimum balance contrary to RBI guidelines.

In a new circular earlier this year, RBI had stated that no bank can impose a penalty for not maintaining the minimum balance in an account (inactive account). This is unfair. Even if someone does not maintain the required minimum balance in his bank account for more than two years, no charges will be levied. This rule has come into effect from April 1.

ICICI Bank also fined

RBI had imposed a fine on Yes Bank and ICICI Bank on May 27. This fine is due to non-compliance with regulatory instructions. ICICI Bank has been fined Rs. 1 crore. Both these banks have been fined under Section 46 (4) (i) and Section 47A (1) (c) of the Banking Act 1949 for violating the rules. Who have ignored the rules of customer service and authorized management of internal office accounts.

Check if your bank levies balance charges

If your bank is also charging such a fee for not maintaining the required balance in your account, then you can complain to RBI online. Earlier, a fee was charged on accounts with insufficient or zero balance. But RBI has ordered not to charge such a fee from April 1.

Will bank customers be affected?

The Reserve Bank has taken this action against the banks for ignoring the rules. The penalty will not affect the bank's account holders. The Reserve Bank has taken this action against the banks, which will not affect the functioning of the banks. Customers will be able to continue working with the bank as before. Customers need not panic due to this action taken against the banks.