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Clarification issued by Indian Banks Association regarding free service removal

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Clarification issued by Indian Banks Association regarding free service removal

There has been huge speculation revolving around the removal of free services across leading Indian banks. The IBA (Indian Banks’ Association) has issued its clarification that there is no specific ban imposed on the free services that Indian banks are considering. The Association has clarified that banking services will be continuing as they are being offered currently.

The statement has been issued by the Indian Banks’ Association (IBA) after specific reports were found across several social media categories which it stated was based majorly on misdirected and misinformed communications in the media. The IBA stated that rumors and false information are being disseminated across social media that services offered for free by leading banks will not be offered anymore after the 20th of January, 2018.

As per reports, the IBA has issued the clarification that these rumors are absolutely false and the general public should take extra care in order to avoid getting influenced by wrongful information. These are rumors and should be taken as such according to industry experts since no fresh guidelines have been issued by the Reserve Bank of India (RBI) on the matter as of yet.

Also, as per reports, Indian banks are not yet pushing for any such removal of free banking services and solutions. Banks are not considering the same as well. Banks, however, are reconsidering their operational and commercial expenditure and will be continually re-examining the service charges and these may be revised as and when required.

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