BANKING RULES BEING RESTORED FROM 1ST JULY, SHOULD BE UNIFORM FOR ALL PSU BANKS

Bureau,Odishabarta

BANKING RULES BEING RESTORED FROM 01.07.2020 SHOULD BE UNIFORM FOR ALL PSU BANKS

DELHI:Reserve Bank of India RBI and central government had announced various liberalisation for banking norms like Minimum-Balance-Requirements etc. etc. till 30.06.2020. But normal charges and norms are to be revived now from 01.07.2020.

But to encourage banking-transactions and reduce cash-transactions, RBI and central government should impose a restriction on cash-withdrawal by an individual to rupees 48000 per month. All RTGS and NEFT charges should be abolished. Limit for maximum cash-withdrawal in a day from ATMs should be fixed.

Best is to encourage payments through debit and credit cards with transaction-charges reduced to half-percent that too be borne by central government with all incentives for payments presently through credit-cards abolished. This will be ultimately beneficial for exchequer because drastic cut anticipated in tax-evasion.

All charges and norms in different public-sector banks should be uniform with abolition of requirement of Minimum-Balance. Interest-rates for deposits should also be uniform. Recently subsequent to merger of Corporation Bank with Union Bank of India, norms of FDR-linked savings-accounts were unfairly changed with minimum balance in such premium accounts raised from rupees 15000 to 50000 which will deprive small investors from taking benefits of such accounts. All public-sector banks should have FDR-linked savings accounts with uniform Minimum-Balance-Requirement of rupees 20000 with every next multiple in rupees 10000 to be auto-converted in FDR with single maturity of one year.

Input;Ms.Madhu