Date:19/05/2006 URL: http://www.thehindubusinessline.com/2006/05/19/stories/2006051903480600.htm

Back RBI to ensure fairness in charges

Our Bureau

Mumbai, 18 May

The Reserve Bank of India has constituted a working group to formulate a scheme to ensure fairness in bank charges. The group would incorporate the scheme into the Fair Practices Code monitored by Banking Codes and Standards Board of India, a statement from RBI said. Mr. N. Sadasivan, Banking Ombudsman, Mumbai, would be the Chairman of the working group. It would list all financial services rendered to customers, for which the scheme would be applicable. The group would study the criteria undertaken by banks tofix service charges and then enunciate principles to ensure reasonable bank charges. The group is expected to submit its report by end July, the statement said.