Modi govt making banks 'collection agents' of 'loot': Kharge after hike in ATM withdrawal charges
New Delhi, Mar 29 (PTI): The Congress on Saturday hit out at the Modi government after the RBI's decision to allow banks to increase charges on ATM cash withdrawals, and said banks have been reduced to "collection agents" to "loot" citizens.
Giving a list of charges levied by banks, Congress president Mallikarjun Kharge said a "painful" price rise and "unbridled loot" was the BJP's mantra.
"Our banks have been unfortunately made 'collection agents' by the Modi government! ATM withdrawal charges to be costlier," Kharge said in a post on X.
"The Modi government has extracted at least Rs 43,500 crore due to non-maintenance of minimum balance from savings accounts and Jan Dhan accounts combined, between 2018 and 2024," he said.
"Other bank charges to LOOT citizens - an inactivity fee, which is Rs 100-200 every year. Bank statement issuance fee is Rs 50-100. Rs 20-25 per quarter is charged for SMS alerts. Banks charge 1-3 per cent as loan processing fees," he added.
The Congress chief also claimed that if a loan is paid on time, loan pre-closure charges are levied by banks, and NEFT and demand draft charges are an additional burden. KYC updates like signature changes also attract fees, he claimed.
"Earlier, the Union government used to provide the data of the amount collected by these charges in the Parliament, but now this practice has also been discontinued by saying 'RBI doesn't maintain such data'.
"Painful Price Rise + Unbridled Loot = BJP's Mantra for Extortion!," Kharge posted.
The Reserve Bank of India on Friday permitted banks to increase charges on ATM cash withdrawals beyond the mandatory free monthly usage by Rs 2 to Rs 23 per transaction from May 1.
Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank Automated Teller Machines (ATMs).
They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs -- three transactions in metro centres and five in non-metro centres.
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HC extends stay on order directing FIR against ex-Sebi chief Madhabi Puri Buch, five others
Mumbai (PTI): The Bombay High Court on Tuesday extended the interim stay on a special court's order directing FIR against ex-Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations.
The HC last month granted the interim stay on the special court's order, noting it was passed mechanically and no specific role was attributed to the accused.
On Tuesday, Justice Shivkumar Dige noted that the original complainant in the case has filed an affidavit and granted time to Buch and others to go through the same.
"The interim relief granted earlier shall continue until further orders," Justice Dige said, posting the matter for further hearing on May 7.
Last month, Buch, three current whole-time directors of the Securities and Exchange Board of India (Sebi) Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney, Bombay Stock Exchange's Managing Director and Chief Executive Officer Sundararaman Ramamurthy and BSE's former chairman and public interest director Pramod Agarwal moved the HC against the special court order.
The pleas sought quashing of the order passed by the special court which directed the Anti-Corruption Bureau (ACB) to register an FIR against them pertaining to certain allegations of fraud committed in 1994 while listing a company on the BSE.
The petitions claimed the special court order was "manifestly erroneous, patently illegal and passed without jurisdiction".
The order by the special court was passed on a complaint filed by Sapan Shrivastava, a media reporter, seeking investigation into the alleged offences committed by the accused, involving large scale financial fraud, regulatory violations and corruption.
Special ACB court judge S E Bangar, in his March 1 order, noted there was prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe.
The ACB court also said it will monitor the probe, and sought a status report within 30 days.
The allegations in the complaint pertained to "fraudulent listing of a company on the stock exchange in 1994 with the active connivance of regulatory authorities", particularly the Sebi, without compliance under the SEBI Act, 1992 and rules and regulations thereunder.
The Sebi last month said the application (by Shrivastava) sought directions for the police to register an FIR and investigate into the alleged irregularities in granting listing permission to a company on the BSE in 1994, without complying with provisions of the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.
"Even though these officials were not holding their respective positions at the relevant point of time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record," the market regulator said in a statement.
The BSE had said the application sought directions for registration of an FIR and investigations into alleged irregularities in the listing of Cals Refineries Ltd at BSE in 1994.
"The officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all," it said, adding the application is "frivolous and vexatious in nature".
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