BCSBI chairman AC Mahajan speaks on banks’ performance during demonetisation, hike in service charges and range of other issues in an interview with Preeti Kulkarni
Service standards of banks have come under scrutiny in the aftermath of demonetisation. How do you view the scenario?
I believe banks did a wonderful job during demonetisation. The entire population of the country was interacting with banks in some way or the other. They had only one day to prepare and were under huge pressure; they had to come in early and leave late, besides handling the agitated customers at branches. I think majority of customers were satisfied with the way banks handled the situation. The government has also acknowledged their efforts. Barring some exceptions, banks did a good job. If say 100 out of 10 lakh bank employees have done something wrong, it does not mean that the entire banking class is at fault.
Now, some banks have raised cash transaction and non-maintenance charges…
Banks have the right to introduce charges. The only requirement is that they should be reasonable and notified to customers well in time. Customers also have the right to decide whether to bear the charges or move on to other banks. We had immediately taken up the matter informally with all banks and they have given their response. We believe that banks have followed the procedure that is required to be followed. However, let me put a rider too—if they do not and customers feel that 30-day notice was not given to them in a transparent manner, they have a right to approach bank for a refund of the charges. If it is still not sorted out, they can go to banking ombudsman.
Bu hikaye Outlook Money dergisinin April 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Outlook Money dergisinin April 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.