In response to the recent row of digital transactions at the State Bank of India (SBI), the bank said in a statement that it does not charge any transaction fees to its Savings Base Deposit (BSBD) clients for digital transactions, including transactions using unified payments. RuPay interface (UPI) and debit cards.
According to a press article, in a study by the IIT, it was revealed that SBI had deduced ??164 crore from Jan Dhan account holders between 2017 and September 2020. Of the 164 crore, the bank had returned only ??90 crore to these account holders for transactions via UPI and Rupay cards. The bank had collected ??17.70 from each account holder during this period.
In response to this report, the SBI said: “We reiterate that BSBD customers pay no fees for digital transactions, including transactions using the Unified Payment Interface (UPI) and RuPay debit cards. “
SBI on unpaid refunds for digital transactions
“The bank introduced fees beyond the first 4 withdrawals in BSBD accounts (basic savings deposit) in the BC (Business Correspondent) channel on June 15, 2016, in accordance with RBI guidelines with prior information to Customers. A BSBD customer would normally not need to make more than four withdrawals in a month, and even if necessary, the same could be done from the branch at no cost, ”SBI said.
The bank further said that the Central Commission on Direct Taxes (CBDT) advised banks to reimburse the fees collected from January 1, 2020, and accordingly ??90 crore was refunded to account holders.
The statement read: “On 08/30/2020, the CBDT advised banks to reimburse the fees collected, if any, from 01/01/2020 on digital transactions and not to impose fees on such future transactions. , the Bank reimbursed a fee of Rs. 90.20 crore to clients collected from 01.01.2020 to 14.09.2020. The bank only charges for more than four free cash withdrawals in the BC channel, while there is no charge if digital channels are used. The aim is to promote digital transactions towards a “less cash-saving.”
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