Costs of banking services have shot up by 22%
By Ankit Sharma
Sep 14, 2012
Print    Email    RSS   

Ministry of Commerce and Industry have released data which reveals that the costs of banking services have increased more than 22 percent from 2004-05 to 2011-12. The data shows that the costs have risen for services like ATM transactions, processing fees for accepting deposits, processing fees of loans, issue of demand draft, cheque and bill collection and foreign exchange services.

The data reveals that these are the services which generate a large amount of revenue for the banks. It shows that these costs increased from 2004-05 to 2008-09. In the financial year 2008-09 these costs declined owing to the global economic recession. Then again banking costs saw a rise till the year 2010-11, after which they slid marginally.

The data was compiled by the banking regulator, RBI, based on the responses of about 21 banks, out of which 13 were public sector banks, 4 were private sector banks, 2 fore4ing banks, one a cooperative bank and one a regional rural bank.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Avoid withdrawing cash from your credit card
Carnival of Indian Personal Finance Blogs #3
How Your Credit Card Can Help To Improve...
Carnival of Indian Personal Finance Blogs #2
A Good credit score imperative for your...

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive