OTHER GROUP COMPANIES
market

Banks to charge SMS alerts on usage basis: RBI

The RBI said that fees based on actual usage are necessary to ensure reasonableness and equity in charges levied by banks

November 07, 2013 11:12 IST | India Infoline News Service
The RBI (Reserve Bank of India) has directed banks to charge customers for transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.

“Banks are advised to leverage the technology available with them and the telecom service providers to ensure that such (SMS) charges are levied on all customers on actual usage basis,” the Reserve Bank of India said in its Second Quarter Review of Monetary Policy 2013-14 on 29th October.

The RBI said that fees based on actual usage are necessary to ensure reasonableness and equity in charges levied by banks.

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity