Pranab asks banks to do away with charges on e-transactions
By Ankit Sharma
Jun 13, 2012
Print    Email    RSS   

Finance Minister, Pranab Mukherjee has asked banks to make all electronic transactions free of charge. The minister was addressing chief executives of public sector banks and financial institutions.

The minister also appreciated Oriental Bank of Commerce, which recently removed charges on NEFT and RTGS transactions upto Rs. 1 lakh. He further added, "I am confident that all the public sector banks would follow this excellent initiative. I would also urge upon the Reserve Bank of India to proactively work on this front and to see that all electronic banking transactions are possible without any charges being levied."

Mr. Mukherjee also requested the banks to minimize the use of cash as much as possible. He also stated that farmers should be able to make purchases using Kissan Credit Cards (KCC)- cum debit cards without using cash.

He also emphasized on a five point agenda, which includes financial inclusion for passing of the benefits, KCC for all farmers, implementation of education loans, importance of RRBs in issuance of credit cards, and role of state owned banks in promoting electronic transfers.


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

 Select a product:

Gift Cards - perfect gifts for all occasions!
How to Manage Multiple Credit Cards?
Be familiar with your Cash-Back Credit Card
Hit by the slowdown? Manage your Credit Card!
WorldMiles credit card - just another...

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