Bank of Baroda had produced a fresh circular in which it has talked about the impacts of the pandemic on the economy. Then it was decided that the changes would be withdrawn as soon as possible. Bank Of Baroda has decided to cancel its new charges within days after its cash deposit and withdrawal charge took effect. The bank referred to the circular on the revision of the Cash related service. It decided that due to the hardships and the economic crisis that people are facing, the bank will not impose charges on them.
This step has been taken by the Bank after the Ministry of Finance announced that there should not be any service charges imposed on Basic Savings Bank Deposit (BSBD) accounts and Jan Dhan accounts. It has been decided because many of the accounts have been opened by the poor and unbanked segments of society.
However, in the case of the Regular Savings Account, Current Accounts, Overdraft accounts, and Cash Credit account changes have been brought.
The charges for these accounts have not been increased. However, Bank Of Baroda made certain changes to the free cash deposits and withdrawals per month.
The Finance Ministry also added that no other Public Sector Bank (PSB) has increased its charges.
The RBI has laid down certain guidelines in which all Public Sector Banks are permitted to charge on their services, but only in a fair and transparent manner. Other banks have also mentioned that they do not intend to raise any charges sooner or later in view of the outbreak of the Pandemic.