Mumbai: Bank State of India (SBI) has not been able to restore the estimated 164 crore RS which is charged to PM Jan Dhan Yojana (JDY) for transactions between April 2017 and December 2019.
During this period, customers are charged Rs 17.7 per transaction for payments Digital uses an integrated payment interface (UPI) and Rupay Debit Card.
This practice was then stopped and the bank had returned RS 90 Crore to accusations between January and September last year, but continued to hold on to costs made of previous transactions.
According to a report on the cost prepared by Ashish Das, a professor in Iit-Bombay, who previously highlighted these costs in other reports, SBI imposed Rs 17.70 per transaction during June 2017 to December 2019 and Rs 5.90 per transaction For April 2017.
“During 33 April 2017 to December 2019, SBIs were collected anywhere between Rs 164 Crore and RS 177 Crore on the costs imposed on at least 9 Crore UPIs and Digital Transactions Debit Card Rubay conducted by BSBDA (Deposit Account Basic banks) Customers.
SBI still has not returned this amount more than RS 164 Crore which has been unpactedly collected through the imposition of ruparious accusations in BSBDA customers, “Das said.
“There may be operational difficulties for refunds, but it has been shown that it can be done.
SBI has made a refund for transactions for a period of six months ending September 2020,” said the watershed.
He added that this fee was imposed on the JDY account, which was intended for the most vulnerable community members and to be free of all charges.
According to a banker, JDY’s account is not the same as not profitable as before because the minimum balance in this account has risen.
Also, banks serve most of these accounts through business correspondents (BCS) to keep costs low.
Banks pay BCS costs for each transaction they activate but the same thing is not forwarded to the customer.
While outsourcing does reduce costs for banks, lenders say that there are examples of BCS agents in Convance with rounded transaction customers and withdraw the same funds several times to increase costs.