A study by the IIT Bombay has revealed that several banks were imposing immoderate charges on certain services to the people who were poor and those who were holding Zero Balance Or Basic Saving Bank Deposit Accounts (BSBDA). This was happened in the case of State of India also.
SBI collected about ₹300 crore from Zero Balance Accounts in 5 years. This was total breach of the guidelines given by the Reserve Bank of India. It is not reasonable that SBIs decision to impose a charge of ₹ 17.70 for every debit transaction from BSBDA account holders.
This was to be noted that the imposition of service charges to the tune if over ₹300 crore from nearly 12crore BSBDA holders during the period of 2015-2020 . And India’s Second Largest public sector lender Punjab National Bank, which has collected ₹9.9crore during the Same period.
The charges were as high as ₹17.70 even for digital transaction like NEFT, IMPS, UPI, BHIM-UPI and debit cards for merchant payments.