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Monday, March 6, 2017

Cashless Hooplah! How Indian Banks Want to Bleed Poorest of the Poor

Cashless Hooplah! How Indian Banks Want to Bleed Poorest of the Poor

Indians are about to discover that using cash is expensive. According to reports in India’s Hindustan Times newspaper, leading private banks in the country including HDFC, ICICI and Axis will pile a charge of Rs. 5 for every Rs. 1,000 transacted or Rs. 150 - whatever amount happens to be higher.

The transaction charges while making ATM transactions will also be applicable. Currently, Indians can make five free transactions at the ATMs of their home bank’s cash machines. They are charged Rs. 20 per transaction from every sixth withdrawal. In the case of inter-bank transactions, only three transactions are allowed per month.

Full story at http://bit.ly/2m8ZgJK

 

 

 

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