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Bank of Baroda Customers Pay Unwarranted NEFT, RTGS Fees
August 31, 2017
As a result of a technical error, the account balances of more than 8,000 customers of Bank of Baroda were wrongly debited with NEFT and RTGS transaction fees.
The technical glitch that led to unnecessary debits was a result of the bank’s core software upgrade.
On August 22, the bank issued a statement that said about 8,300 accounts were impacted on August 19, 2017, that caused erroneous debits of service charges not really due from the customers. These charges were reversed and the customers were informed of the same via SMS on August 20.
