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Bank Of Baroda Rolls Back Charges After Public Outcry

The announcement came just a day after the bank said it would begin charging customers for basic transactions, including deposits and withdrawls, above certain limits.

Photo Credit : Reuters

1483976189_Nn0zxO_Bank_Baroda2_Reu.jpg

One of India's largest state-owned banks, Bank of Baroda, on Tuesday reversed course and said it would not charge for basic banking services following a public outcry.

The announcement came just a day after the bank said it would begin charging customers for basic transactions, including deposits and withdrawls, above certain limits.

"In view of the current prevailing COVID-19 pandemic and its impact on the economy, it has been decided to withdraw the above circular with immediate effect," the lender said in a statement.

Opposition political parties had also protested against the move.

Two sources said it was likely that the charges were rolled-back after government intervention.

The Finance Ministry and Bank of Baroda did not immediately reply to an email seeking comment.

"Other (public sector banks) have also intimated that they do not propose to raise bank charges in the near future in view the COVID pandemic," the finance ministry said in a tweet earlier today.

Bank of Baroda reported a net profit of 16.79 billion rupees for the quarter ended September, a jump of 128% from the same period a year ago.

(Reuters)


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bank of baroda COVID-19 Pandemic state-owned banks