BOI denies plans to discontinue free banking services

New Delhi, Jan 12 (IANS) State-run lender Bank of India on Friday said it has no plans to levy charges on those “services which are available free of charges currently”.

“There were reports… that all free services of PSBs including Bank of India will be ceased from January 20, 2018,” the lender said in a statement.

“It is hereby clarified that Bank of India does not have any plan of levying charges on those services which are available free of charges currently.”

On Januaray 10, Financial Services Secretary Rajeev Kumar tweeted: “No proposal by banks to discontinue free services from 20th January. Pure Rumours. Pl Ignore, advises Indian Banking Association clarifying that rumours in section of social media are baseless and no such blanket removal.”

The Indian Banks’ Association (IBA) also denied that such a move was in the offing.

“There is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated,” said a statement from the IBA Chief Executive’s office in this regard.

“However, banks, looking at their commercial and operational costs, would constantly examine and revise charges as the case may be,” the statement added.

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