Pls Roll back the recently imposed Bank Transaction Charges
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We had seen a bunch of new hopes in recent times. Certainly, we Indians have been marching in right direction. A bank account for every citizen, link those with unique numbers, trace every penny of individuals, GST keeping an eye on commercial front, record all eligible taxes and pump up the revenue.
Noteworthy it is that the base of all these is bank account transactions. This system supposes all to deposit the money with them in banks. Though suffered more or less, the common man understands the long term objectives and visions being envisaged along all these strides.
Now here come the worst spoilers. Banks impose penalties for keeping low balance in accounts and escalate the cash transaction charges.
Is there any concrete logical basis for asking to maintain the minimum balance in account? Is that justifiable to the poor? Isn’t that our own money? Don't we pay enough taxes? Don’t banks earn by investing our money? What if someone needs all his money from account in emergency? What would a laborer do if he gets his daily / weekly wages in his account? Should he starve and maintain set levels? This is absolutely discouraging.
Escalation of cash transaction charges is being termed as a step towards cashless society. Are we indeed ready enough to levy these charges? There are only 200 million users of digital payment services. India had 712.5 million debit cards, and 130.53 million transactions, as of August 2016. That’s around 18 transactions for every 100 cards. Mere 14.6 Lakhs POS terminals are floating in India as of now, only 693 machines per million. Most of them belong to urban area. How would a rural man manage without cash? What if his wage circumstances force him to withdraw more than 5 times a month? Should he bear those heavy charges?
A straightforward way out of all these complications the poor will soon find is to skip the banking. They will stash the cash and use whenever required. Why would one go to the bank if they start squeezing money out of you? It seems that banks have started recovering their Mallya sort of NPAs from general public.
We support the foreseen intentions but steps should be gradual. Sudden imposition of heavy charges is not going to convert India into cashless country overnight. First let us reinforce the fundamentals, install more POS and make the poor aware.
I request you to sign this petition demanding the roll back of recently imposed charges on low balance and cash transactions, and ask the authority for the prior strengthening of system for Cashless India.
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