There are several factors which play an important role in determining the relationship between banks and their customers. One of the most important amongst them is what services banks provide and how they deliver it to their customers which can facilitate the best to their financial needs. Banks were nationalised with the objective of making banking available to everyone, especially[Read More…]

On 24th March, 2020, the Prime Minister of India has declared the nationwide lockdown due to global widespread of Covid 19. As a result, the entire businesses, works, and economy have shut down leading to enormous losses of jobs and livelihood. Consequently thousands of daily wage labours from different states (mainly big urban cities) have started migrating back to their[Read More…]

The massive bank charges introduced in past few years have greatly affected the financial state of marginalised working class. This was better understood when the team of FanIndia has talked to some people of working class who belong to the indigent sections of the society such as farmers, construction labours, aanganwadi workers, domestic workers, Cycle Rickshaw pullers, etc.  As their[Read More…]

Co-Written by Shivani Dwivedi & Ashish Kajla All the banks, especially the public sector banks have a moral obligation and social responsibility of promoting financial inclusion and social welfare. The banks run on the deposits and when a bank sinks, depositors lose their savings. Therefore, deposit holders have a right to the common and basic banking services for free of[Read More…]

Co-Written by Shivani Dwivedi & Ashish Kajla The savings of people deposited in banks form the capital of banks which banks lend to borrowers. Banks earn interest on the loans issued to borrowers. The cost of operating expenses including salaries comes from this interest on the loans issued by banks. The saving account depositors receive interest on their savings, and[Read More…]

Co-Written by Ashish Kajla & Shivani Dwivedi   The primary objective of nationalization of banks was to reach out to each and every last person of our society. The purpose was to provide credit facilities to poor and marginalized sections and free them from the clutches of moneylenders. Banks were to provide credit to small and medium businesses. But with[Read More…]

In the last few years, banks have begun foisting hefty charges on customers on all the banking transactions. While some of the charges existed before but the new charges have been introduced on very basic everyday’s transactions. At present most banks even have charge on maintaining minimum balance, cash deposits and withdrawals at their branches and ATM’s, balance inquiry, SMS[Read More…]