Business
oi-Vipul Das
On Tuesday, November 23, the State Bank of India released a statement in response to a report published on November 22, 2021, claiming that SBI did not reimburse fees collected from customers on digital transactions between April 2017 and December 2019. In Responding to the recent controversy over digital transactions, the State Bank of India (SBI) said in a statement that it does not charge any transaction fees to its Basic Savings Bank Deposit (BSBD) clients for transactions digital, including those involving the Unified Payment Interface (UPI) and RuPay debit cards.
According to a media source, an IIT research indicated that between 2017 and September 2020, SBI deducted Rs 164 crore from users of the Jan Dhan account. Only Rs 90 crore were refunded to these account holders for transactions using UPI and Rupay cards, out of a total of 164 crore. During this interval, the bank collected Rs 17.70 from each member of the account. The SBI responded to the report by saying, “We reiterate that BSBD customers pay no fees for digital transactions, including transactions using the Unified Payment Interface (UPI) and RuPay debit cards. “
Press release written in a press article published on 11.22.2021.#SBI #DigitalBanking #Digital transactions # Financial inclusion pic.twitter.com/JtEBcjzLvV
– State Bank of India (@TheOfficialSBI) 22 November 2021
“The bank introduced fees beyond the first 4 withdrawals in BSBD (savings base deposit) accounts 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, ”said SBI according to the report. ‘ANI.
“We reiterate that BSBD customers pay no fees for digital transactions, including transactions using the Unified Payment Interface (UPI) and RuPay debit cards,” the bank said in a statement on Tuesday.
– ANI (@ANI) November 24, 2021
The Central Board of Direct Taxes (CBDT) ordered banks to return fees collected as of January 1, 2020, and as a result, Rs 90 crore was refunded to account holders, according to the SBI. The official statement states that “the CBDT advised on 08/30/2020 that banks reimburse the fees collected, if any, from 01/01/2020 on digital transactions and not to impose fees on these future transactions. As a result, the Bank reimbursed a fee of Rs. 90.20 crore to clients recovered from 01.01.2020 to 14.09.2020. The bank only charges over 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 economy.”
Article first published: Wednesday November 24, 2021, 1:23 PM [IST]
