Classification of charges
As we all know that Government is insisting to move towards digitization, be it in any sector whether it is Financial, Education or even for that matter Agriculture. Government has also asked to bring to their notice the issues being faced by general public so that genuine reforms can be initiated.
There are certain Reform matters which requires monitoring or issuance of only administrative orders which in turn will protect customers from hardships of policies which are framed and does not have any central regulations to protect the interest of general public particularly rural masses.
On of such issue is frequent increase in SMS alert charges by Banks and including mandatory SMS in chargeable category. There should be proper classification of mandatory and non mandatory SMS and Internet Banking OTP should be part of Mandatory SMS and should not be chargeable
Further we also feel disturbed at the unfair treatment that bank customers suffer in the form of frequent, arbitrary and one-sided decision over bank charges and also not responding to our emails i.e. maintain either silence or acknowledge it with remarks that "response will be forwarded to you soon" but they never respond unless you chase them.
As you know there are so many types of charges out of which certain are considered as mandatory but these differs from Bank to Bank. For example for fund transfer i.e. for internet banking OTP gets generated and the same forwarded thru SMS and this service is free in most of the banks as it falls under mandatory category whereas there are banks who do not agree and they provide this facility only if customer opts for chargeable SMS services.
In view of above we request RBI - please classify the charges i.e. which will fall or considered mandatory as we emphasis on the importance of having mandatory SMS free of cost by all Banks on Financial and Non Financial transactions being done by their customers as this is important component in digitization move
Hence it is expected from RBI to make a policy around it clearly specifying which all SMSes are Mandatory (free of cost) and which all SMSes are Non Mandatory (can be made chargeable) and ask all the Banks to adhere to it. OTP SMS for Online Banking should form a part of Mandatory SMS.
In view of the above, RBI should issue fresh guidelines to all banks to upgrade their software on urgent basis and also put proper mechanism to monitor its rightly implementation i.e. a dedicated RBI department should start monitoring this up-gradation after fixing an agreed time frame.
I trust readers, in their own interest will take up this matter at all levels / forums so that suitable guideline get issued without any further delay.
G D Binani
Bikaner
gd_binani@yahoo.com
7976870397 / 9829129011 more
There are certain Reform matters which requires monitoring or issuance of only administrative orders which in turn will protect customers from hardships of policies which are framed and does not have any central regulations to protect the interest of general public particularly rural masses.
On of such issue is frequent increase in SMS alert charges by Banks and including mandatory SMS in chargeable category. There should be proper classification of mandatory and non mandatory SMS and Internet Banking OTP should be part of Mandatory SMS and should not be chargeable
Further we also feel disturbed at the unfair treatment that bank customers suffer in the form of frequent, arbitrary and one-sided decision over bank charges and also not responding to our emails i.e. maintain either silence or acknowledge it with remarks that "response will be forwarded to you soon" but they never respond unless you chase them.
As you know there are so many types of charges out of which certain are considered as mandatory but these differs from Bank to Bank. For example for fund transfer i.e. for internet banking OTP gets generated and the same forwarded thru SMS and this service is free in most of the banks as it falls under mandatory category whereas there are banks who do not agree and they provide this facility only if customer opts for chargeable SMS services.
In view of above we request RBI - please classify the charges i.e. which will fall or considered mandatory as we emphasis on the importance of having mandatory SMS free of cost by all Banks on Financial and Non Financial transactions being done by their customers as this is important component in digitization move
Hence it is expected from RBI to make a policy around it clearly specifying which all SMSes are Mandatory (free of cost) and which all SMSes are Non Mandatory (can be made chargeable) and ask all the Banks to adhere to it. OTP SMS for Online Banking should form a part of Mandatory SMS.
In view of the above, RBI should issue fresh guidelines to all banks to upgrade their software on urgent basis and also put proper mechanism to monitor its rightly implementation i.e. a dedicated RBI department should start monitoring this up-gradation after fixing an agreed time frame.
I trust readers, in their own interest will take up this matter at all levels / forums so that suitable guideline get issued without any further delay.
G D Binani
Bikaner
gd_binani@yahoo.com
7976870397 / 9829129011 more
Viewed by 1022
View all 9 comments Below 9 comments
Banks have stopped anciliary service and to recover the charges, they have selected the customers accounts through various charges. RBI should protect the interest of the customers. more
Dec 19
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms.
Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay.This circle is also expected to raise with Govt. more
Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay.This circle is also expected to raise with Govt. more
Dec 23
In my view RBI protect the interest of Banks and and not the Banks' account holders. This may be clear when one looks at the judgement of Banking Ombudsman and the Banks are able to provide with ease loans to big industries. more
Dec 21
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms. Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay. more
Dec 20
in Banking Sector, worst part is even private banks have started following the practices of Public Sector Banks enhancing profitability but these never exercise the assessment of projects on merits for funding. Bad Debt is huge in private sector banks as well. more
Dec 19
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms. Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay. more
Dec 20
The transactions and intimation by banks by SMS are to be free. The interest rates on S.B. are low and hence the banks should absorb this charge. On line services with OTP must be exempted from charges. Only when a customer requires some information regarding some procedure and if banks charge them it is ok. To reduce cash transactions the ATMs always issue 2000 Rs. notes beyond 2500/- or more. we are unable to get change for them. There should be rules to issue Rs. 500 or below notes or request the customers the denomination upto Rs. 10,000/-. The change to digital payment has to be very systematic and cannot be implemented overnight. operating an ATM or credit cards and debit cards itself is difficult for some and sometimes risky also . sameway online banking for payment of bills and taxes etc. must be free and help senior citizens who are unable to stand in queues to pay them. The passbook printing facility is not foolproof. Sometimes it is crowded when working or most of the time are out of order needing service. Sometimes a person who did not complete all the transactions printed is printed on the next person who inserts his pass book though barcode is read and new transaction to that customer has to be printed. To rectify this need to stand in queue and contact the bank staff. Sometimes it runs to pages and also may need new passbook if we are at the last pages of passbook. It may not be right to say that banks have reduced the staff due to automation but they are otherwise busy in their personal work. When we approach them they say go to the ATM or Printing machine. Only few privileged customers who know the staff get their task serviced. Though there are separate counters earmarked for senior citizens it is always full with queue to serve others, when questioned they say there are no senior citizens waiting. Now Post offices have started to deposit maturity in accounts of the customers only. We need to open a new account . In the case of credit card discrepancies no one can be contacted. Every bank which issues a credit card must employ a person to attend to the complaints on the bill or other clarifications needed. You are unable to get proper response to your needs and put to lot of hardships. more
Dec 18
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms. Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay. more
Dec 20
Sirs if a genuine person even tries to ask for help say by calling anyone in 99% cases does one get the help reqd ? they doubt u r u to begin with n its a different person always ? what digitisaton is being talked about? If i get stuck up online its a big ordeal to get the help i need to begin with? first teach digitisation to all indians in proper class rooms in the real life then expect them to do so? its not easy to come online to begin with ? online you really do not know the other person nor REAL INTENTIONS? if something happens they simply say send snap shot - first teach how to send snap shots- not online - half the time the thing is not understood? at every stage its doubt then how can i be sure on anything online? more
Dec 18
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms. Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay. more
Dec 20
Let us list the charged levied by the banks without our acceptance .. 1. Both ICICI & HDFC have changed ( read Increased ! ) such Savings Accounts Charges. 2. ???? more
Dec 18
Please go thru my posts [1] 'Disbursement of Yearly Loan Statement in physical' as well as another one [2] 'Software updation' published in our circle which covers few more administrative reforms. Please, in our own interest we should take up this matter at all levels / forums so that suitable guideline get issued without any further delay.This circle is also expected to raise with Govt. more
Dec 20
