Cash transactions charges most retrograde step: Chidambaram

Monday, Mar 6, 2017,12:18 IST By anju A A A

New Delhi | The move by some public and private banks to levy charges after certain number of cash transactions at branches is the most retrograde step, former Union Finance Minister P Chidambaram said.

Banks including HDFC Bank, ICICI Bank and Axis Bank at present charge a minimum Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

“Bank charges for depositing cash and withdrawing cash is most retrograde step,” Chidambaram tweeted.

“Will banks be happy if customers withdraw cash in one go and keep cash at home,” the senior Congress leader said posted on Twitter.

The move to re-impose a fee on cash transactions was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.