Government asks banks to rejig fees to boost e-channels

The government has written to the Indian Banks Association (IBA), asking lenders to rework their charges for customers in a manner that incentivises digital transactions over cash transactions.

In a recent communication to the IBA, the finance ministry’s department of financial services has said that banks should consider cross-subsidisation of low-value digital transactions by high-value digital transactions or cash transactions. “Banks should proactively promote digital transactions and take all necessary steps to make them cheaper for customers than cash transactions,” the communication said.

Some bankers see the finance ministry’s statement on cross-subsidising low-value digital payments with cash transactions to mean that banks should start imposing charges on some cash deals. “Banks may re-examine the current policy of allowing certain number of free cash transactions, while charging for every digital transaction,” the circular said.

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https://economictimes.indiatimes.com/industry/banking/finance/banking/government-asks-banks-to-rejig-fees-to-boost-e-channels/articleshow/60851335.cms

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