Almost all the Private Banks have announced levying a minimum charge of 150 Rupees after four transactions in Bank which also includes Deposits and Withdrawals. Reports are emerging that all Public Sector Banks will also follow this suite very soon.
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But then Government officials say they have not given any instructions to banks to charge cash transactions. Even Public Sector Banks following the suite will mean that there are oral instructions from the government. It is just that the government is implementing restrictions on Cash and simultaneously avoiding public ire.
The impact of this rule may be felt when Banks lift the restrictions on Cash Withdrawals from March 13th. Previously, Private Banks have such rules on cash withdrawals previously but then public sector banks have no such restrictions until now.
