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Banks Imposing “Unreasonable” Fee for Non-Maintenance of Minimum Balance
January 02, 2018
Ashish Das, who is a professor at IIT-Mumbai has conducted a study on the banking sector and claims that both the public sector as well as private sector banks are imposing unreasonable fees on their customers for the breaching of minimum balance.
In Das’s study, he shows that lenders like Indian Overseas Bank and Yes Bank have been charging their customers more than 100% per year on the shortfall amount for the violation of minimum balance even though the central bank has directed the banks that the charges should be “reasonable and not out of line”.
