Stay updated with breaking news from Aashish Das. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
A pathbreaking new research uncovers substantial variations in service charges levied by banks across India on basic savings bank accounts. The study,
A 17-year-old boy was duped by a man who switched his debit card at an ATM booth in Chhani, Vadodara. The accused transferred over Rs 3.35 lakh using the boy's debit card. A complaint was filed at Chhani police station. Read more for details.
"The study found that services such as the SMS alert after an account is debited, which is mandated by the RBI, are charged by many banks. Bank of India, for instance, charges for SMS alerts of payment OTPs," said Ashish Das, professor of statistics at IIT Bombay, and the author of the study.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
The study Benchmarking Reasonableness of Service Charges by Banks in India also flags inconsistencies in penal charges imposed by banks for not maintaining a minimum balance