Will banks end free services from January 20? Here’s the truth

The Indian Banks Association on Wednesday dismissed reports suggesting that free services of public sector banks would be ceased by January 20.

“There is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated,” said that IBA over reports in social media that free services would be done away with.

The IBA further said that the banks are, however, looking at commercial and operational costs, and may revise charges in future.

This came after reports circulated in social media said that free services of public sector banks would be ceased by January 20.

Reacting to the clarification from the banks body, the Bharatiya Janata Party (BJP) shared the press release of the IBA on microblogging site Twitter.

“Rumours on social media regarding discontinuation of free services by Banks are completely baseless. There is no proposal by banks to discontinue free services from 20th January 2018.” : Clarification by Indian Bank Association pic.twitter.com/Rw9TmrfMM1 — BJP (@BJP4India) January 10, 2018

The press release said:

“There are reports in some segments of social media based on misinformed communications and spreading false information that all the free services of public sector banks will be ceased by January 20, 2018. In addition, there is neither move by banks for such a blanket removal of free services not such thing is being contemplated. However, banks looking at its commercial and operational costs would constantly examine and revise charges as the case may be.

It is clarified by IBA that these rumors are baseless and false. Public should be careful and should not get misled by such messages. Such news are pure rumors and there are no such fresh RBI instructions/guidelines on this.”