Business Services Industry
INDIA: NATIONALIZED BANKS IMITATE PRIVATE COUNTERPARTS AS THEY CHARGE FOR SERVICES.(Brief Article)
IPR Strategic Business Information Database, October, 2004
According to "Business Standard", taking a cue from private sector and foreign banks, nationalized banks have started charging their customers for different services. Punjab National Bank (PNB) is the first off the block and others are likely to follow soon. PNB has increased the minimum account balance to be maintained by a depositor in a savings account from Rs 500 to Rs 2,000, if the customer wants 'anywhere, anytime banking' or multi-branch banking.
Bank of India may also look at introducing a similar feature. Currently, the branch managers at BoI have the discretion to offer the 'anywhere anytime banking' service to 'chosen' customers. It may not be long before other public sector banks also bring about conditional increases in the minimum account balances...
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