Members of the Indian Banks' Association include public as well as private sector banks
Banks are not putting an end to the free services offered by them, the Indian Banks' Association has said. The clarification from the IBA - an association of PSU and private sector banks as well as financial institutions- came after reports on "some segments of social media" suggested that all the free services of public sector banks will be ceased by January 20, 2018. "There are reports in some segments of social media based on misinformed communications and spreading false information that all the free services of public sector banks will be ceased by January 20, 2018. In addition, there is neither move by banks for such a blanket removal of free services nor such thing is being contemplated," the IBA said.
However, it said, banks looking at its commercial and operational costs would constantly examine and revise charges as the case may be.
"It is clarified by IBA that these rumors are baseless and false. Public should be careful and should not get misled by such messages. Such news are pure rumours and there are no such fresh RBI instructions/guidelines on this," the Indian Banks' Association added.
The Indian Banks' Association (IBA) was formed on the September 26, 1946 with 22 members. Members of the Indian Banks' Association include public/private sector banks, foreign banks having offices in the country and co-operative banks. As on December 28, 2015, the IBA had 237 members, according to its website.