RBI allowing banks to charge for ATM withdrawals ‘institutionalised extraction,’ alleges CM Stalin
RBI allowing banks to charge for ATM withdrawals ‘institutionalised extraction,’ alleges CM Stalin
Chennai, Mar 30 (PTI) Tamil Nadu Chief Minister M K Stalin on Sunday flayed the RBI’s decision allowing banks to charge for ATM withdrawals beyond the monthly limit and said this will make people withdraw more than they need and alleged “this is not digitisation, it is institutionalised extraction.” Stalin said that the union government urged everyone to open bank accounts and then came demonetisation, pitching digital India. In a social media post, he said: “What followed? Charges on digital transactions, penalties for low balances and now the RBI has allowed banks to charge up to Rs 23 for ATM withdrawals beyond the monthly limit. This will make people withdraw more than they need and in particular, negate the objectives of financial inclusion of the poor.
