No Result
View All Result
  • Login
Monday, June 27, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Business > Banking & Finance > SBI yet to refund Rs 164 crore undue fee charged from Jan Dhan a/c holders

SBI yet to refund Rs 164 crore undue fee charged from Jan Dhan a/c holders

afternoonvoice@gmail.com' by Afternoon Voice
November 21, 2021
in Banking & Finance
A A
0

sbi, state bank of india, pradhan mantri jan dhan yojana, jan dhan yojana, rs 164 croreState Bank of India (SBI) is yet to return Rs 164 crore of the undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December 2019, a report said.

“On directions from the government, SBI has returned just about Rs 90 crore, thereby withholding the bigger chunk of at least Rs 164 crore with itself,” said the report prepared by IIT-Mumbai.

It said that from April 2017 to September 2020, SBI had collected over Rs 254 crore towards at least 14 crores UPI/ RuPay transactions by charging Rs 17.70 per transaction on BSBDA (Basic Savings Bank Deposit Account) customers under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

Queries sent to the country’s largest lender on return of charges levied on debit transactions done by such account holders during the said period of 33 months did not elicit any response.

Since June 1, 2017, unlike any other bank in India, the report said, SBI charged Rs 17.70 for every debit transaction beyond four a month.

Debit transaction means any withdrawal transaction that includes cash withdrawal, Unified Payments Interface (UPI), Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS) pre-authorized standing instruction, cheque, etc.

This has adversely impacted the BSBDA customers of SBI who, on the call of the government and RBI, embraced digital means of financial transactions.

“Due to this attitude of SBI and after RBI remaining noncommittal, in mid-August 2020”, the Finance Ministry was approached for addressing the concern.

“The Ministry was prompt in their actions and the CBDT by end-August 2020, advised SBI to refund the charges collected since January 1, 2020, on transactions carried out using the prescribed digital payment modes,” it said.

On August 30, 2020, the Central Board of Direct Taxes (CBDT) advised banks to refund the charges collected since January 1, 2020, on transactions carried out using the prescribed digital payment modes that include the UPI and the RuPay debit card, and not to impose charges on future transactions carried out through such modes.

In adherence to the CBDT directive, as late as February 17, 2021, SBI initiated a refund of Rs 17.70 for the UPI and RuPay debit card digital transactions to the BSBDA customers, the report prepared by Ashish Das, Professor of Statistics said.

Levying of charges on BSBDA is guided by September 2013 RBI guidelines. As per the direction, these account holders are ‘allowed more than four withdrawals in a month, at the bank’s discretion provided the bank does not charge for the same.


 

Tags: PMJDYSBIState Bank of India
afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

mastercard, visa, suspended, ukraine, invasion, russian invasion
Banking & Finance

Mastercard, Visa suspend operations in Russia after the Ukraine invasion

March 6, 2022
sbi, state bank of india, sbi, rs 70 crore, second wave of covid-19, covid-19, coronavirus, sbi helps
Banking & Finance

State Bank of India allocates Rs 70 crore to combat the second wave of COVID-19

May 3, 2021
HDFC Bank, HDFC, RBI, Credit Cards, Digital Launches, Digital Activity, HDFC Credit Cards
Banking & Finance

RBI Asks HDFC Bank To Halt Digital Launches, Sourcing New Credit Cards

December 3, 2020
DBS Bank, Lakshmi Vilas Bank, DBS-Lakshmi-Vilas-Bank, Union Cabinet, Prakash Javadekar, Bank Merger, Lakshmi Vilas DBS Merge,
Banking & Finance

Centre Approves Amalgamation Of Lakshmi Vilas Bank With DBS Bank India

November 25, 2020
Benefits of filing ITR, Income tax return, income tax, tax, ITR
Banking & Finance

Benefits of filing ITR

July 17, 2019
India’s government likely to renew demand for extra dividend from RBI
Banking & Finance

RBI abolishes charges on NEFT, RTGS transactions

June 6, 2019
ADVERTISEMENT

LATEST

Mamta Banerjee, CM of West Bengal,

Mamta Banerjee say’s “Centre using its agencies against those speaking the truth”

June 27, 2022
balasaheb, thackeray, uddhav, uddhav thackeray, shiv sena, sena, eknath shinde, shinde, maharashtra

Shiv Sena vs Shiv Sena

June 27, 2022
Teesta Setalvad and RB Sreekumar

Teesta Setalvad and Sreekumar are remanded to the criminal branch until July 2

June 27, 2022
punjab, elections, punjab elections, punjab budget

AAP govt presents first budget in Punjab; to provide 300 units of free power from July 1

June 27, 2022
Sanjay Raut, Tweeter, ED Summon,

Sanjay Raut tweet won’t take Guwahati route after ED summon

June 27, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?