NS State Bank of India (SBI) has come up with an after row response on refunds for digital transactions. India’s largest public sector bank clarified that day that it does not charge any transaction fee for Basic Savings Bank Deposit (BSBD) accounts. In a statement, SBI said that no transaction fee is charged from your account including transactions done through Unified Payments Interface (UPI) and RuPay debit cards. The bank said that State Bank of India has a base of over 16 crore basic savings bank deposit accounts, out of which the Financial Inclusion (FI) customer base is around 14 crore.
According to a recently published media report quoting an IIT study, it was said that the lender had collected Rs 164 crore from Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders for digital payments during April 2017 and December. Unreasonable charges are not refunded. The 2019 study also mentioned that the bank has returned only Rs 90 crore to these account holders on the instructions of the government. Transactions through UPI and Rupay cards.
It said that during April 2017 to September 2020, SBI had collected Rs 254 crore for at least 14 crore UPI/RuPay transactions by charging Rs 17.70 per transaction on BSBD account customers under Pradhan Mantri Jan Dhan Yojana.
In response to this claim, SBI said in a statement on Tuesday, November 23, “We reiterate that BSBD customers do not pay any charges for digital transactions including transactions using Unified Payment Interface (UPI) and RuPay Debit Cards. “
Read the State Bank of India statement below:
In the last three years, more than 4 crore subscribers have been enrolled
In these social security schemes by bank friends. The Bank has made all digital transactions free of cost for its customers with effect from 01.01.2020. Apart from this, the bank has also waived off charges on SMS services and minimum balance maintenance for all its savings bank account holders.
With reference to news article dated 22.11.2021 alleging that SBI has not refunded the charges collected
From customers on digital transactions between April 2017 to December 2019. In this regard, we present as follows:
BC Channel is an outsourced model where all the services to the customers are provided by Bank Mitras in aided mode. Customers can do Aadhaar based transactions (AEPS), card and PIN based transactions and fund transfer transactions at micro ATMs at these CSP outlets. The BC/CSP is being paid commission per transaction in addition to the monthly fixed commission. In addition, the bank is required to pay the interchange fee for AEPS, Card + PIN on Micro ATM based transactions and fund transfer transactions to NPCI. The average cost of such transaction is Rs. 12.72 which is absorbed by the bank.
The Bank levied the charges with effect from 15.06.2016 after the first four withdrawals in BSBD accounts in BC channel as per RBI guidelines with prior intimation to the customers. A BSBD customer will generally not be required to make more than four withdrawals in a month, and even if required
Can be done from branch at no cost.
CBDT on 30.08.2020 advised banks to refund the charges, if any, collected on or after 01.01.2020 on digital transactions and not to levy charges on such future transactions. Accordingly, the bank refunded the fee of Rs. 90.20 crore has been recovered from the customers during 01.01.2020 to 14.09.2020. the bank is
Charging no more than four free cash withdrawals in BC channel, while there is no charge when using digital channels. It aims to promote digital transactions towards a ‘less cash’ economy.
We reiterate that BSBD customers do not pay any charges for digital transactions including transactions using Unified Payment Interface (UPI) and RuPay Debit Cards.
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