Private Bank Regulations :
Banking is a system that has been growing for more than past 400 years. The very simple principle reason for its necessity originated from the need to keep money safe while benefit was that it grows - those who keep it in banks get an interest to keep it saved in bank accounts.
The basic principle still remains same while some other things have drastically changed. Now, banks keep your money and in some way does whatever it feels like to maximize profits of which nothing ever goes to the customers, while the technological advancement made it possible to send and receive money, sell and buy from anywhere in the world.
The private banks have grown beyond anything else that you can compare it to - is now an essential part of everyone's life. They underwrite and guarantee loans to individuals and businesses. In other words - they are the ones who tell the world how good you are doing. Well, there are central banks and public banks that still maintains and follows the ethical principals. Private banks have there owned false free-will to do whatever it feels like.
Here's a look at where the private banks are going wrong and cheating the customers.
It time that customers demand a fair justice.
1.) Simply because your bank has written a certain guideline in its rule-book does not mean that that guideline is fair and justified. Change is required! New rules should make it justified.
2.) If in today's time you keep a certain amount in private bank - there's a 99.9% chance that within a year you will see it getting reduced until it becomes zero. It has failed upon the first principle of 'Keep your money and watch it grow' for a savings account.
3.) You get charged not just a minimal amount for somehow not being able to make a payment on time - in fact, their own rule-book says they will charge an amount that is generally very high nearly equalling as one-work-day payment for a normal person in India. Very unfair!
4.) Credit Cards - An asset to the banks!
Every payment default is written as 'Subject to a minimum amount' that minimum amount in let's say HDFC bank is 500 onwards and higher.
A.) Late Payment Fees B.) Overlimit Fee C.) Payment Return Charges
All of this separately ranges from 500 INR to 2000 INR or even higher. Does it make sense to charge 1500 INR if somehow you make a payment a day later?
Or if somehow the auto-deduction from your linked account didn't go through.
Think about this in this way! You go to an ATM to withdraw your own money.
And ATM is out of cash!
Equality says you should be charging the bank at least 1500 rupees for not paying you when you needed it.
Multiply it to millions of customers. Why not? Didn't they charge each and every customer separately?
That's how they made Billion Dollar assets!
Private Banks charge separately for transaction fees, Card Services, Money Average Balance maintenance, and the list goes on.
Those are just a few of many other reckless fees that your bank puts on you.
While you are busy earning your livelihoods by working hard each and every day of your life.
There is no doubt that private banks are stealing from almost everyone's pocket.
The banks that will adapt and make it justified for their customers will be the winners among the people.
The world is changing and the past is past!
Regulation Change :
1.) There should be regulation passed immediately in the favor of people to restrict banks from charging irrelevant fees.
2.) Fees should range from 50 INR to a maximum of 150 INR for non-business accounts like
Saving Account & Credit Cards.
3.) Apart from that many of other fees charged by the banks on the non-business customers - some should be completely stopped like 'Payment Return Fee' on Credit Cards.
4.) Banks should not be allowed to deduct any money from the account without the prior intimation to the customer.
It seems like it has become a norm for private banks to do whatever they feel by putting unjustified rules and forcing their innocent customers to bear the cost while most private banks are becoming larger and larger with unethical profit maximization ways - People are generally afraid to raise their voice or pursue against the banks legally because in today's time - lives of almost everyone is completely dependent on the banks.
This needs to be corrected
and a regulation change and new guidelines to the Private Banks is required immediately.
Private Banks - Stealing Your MoneyPunchTantra Saturday, December 1, 2018
Private Bank Regulations :