Public lender Bank of Baroda has rolled back the charges pertaining to the number of free cash deposits and withdrawals per month facing major backlash from people.
The announcement of cancellation of the charges came just a day after the bank said that it would be levying extra charges for basic transactions, including deposits and withdrawals, above certain limits.
A communiqué from the Union Ministry of Finance on Tuesday announced that in the wake of the Covid-19 Pandemic, public sector banks (PSBs) have decided not to inflate bank service charges in the near future.
The new development is expected to be welcomed by general consumers of banking services who are already facing the adversities induced by the covid-19 followed by slowing of economic activities.
Bank of Baroda had initiated certain changes which will come into effect from November 1, 2020, with regard pertaining to the number of free cash deposits and withdrawals per month.