While the country is slowly reviving from the aftereffects of the government’s move enabled the demonetisation of the higher denomination bank notes like five hundred rupee notes and one thousand rupee notes, our banks has beaten us with an unexpected blow by taking up a decision to charge huge money of over one hundred and fifty rupees after four free transactions. Even if it is in line with the central government’s appeal for the digitalisation of the Indian economy, it is evidently a calculated approach to loot the money of our citizens who are not willing to ditch the old cash transaction mode for the digital transactions. Some banks, like HDFC, Axis and ICICI, are presently charging this huge sum from the customers. Even if the HDFC has started this step recently, in banks like Axis and ICICI this charge is in effect from January itself.
The historic economic policy in the recent history, the demonetisation of higher denomination banknotes, had been declared on November 8, 2016. Since then, our economy has been facing a serious economic crisis. The unexpected blow from the banks comes at the time when the government is implementing serious steps to overcome the economic crisis inflicted on our country. In the New Year address itself, the supremo of our country had made an earnest appeal for the digitalisation of the cash transaction. It seems that a large section of the society is still very fond of the old cash transaction mode and is not willing to leave it. The new development is likely to affect this section badly if other banks also decide to follow this step.
Vignesh
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