[aaykarbhavan] Business standard news update 14-9-2012

Banks are discouraging cash movement and green initative. Let us wait
for mobile revolution for making payment to take place and reduce
cash movement

regards



From November, pay more for credit card repayment in cash

SOMASROYCHAKRABORTY
Kolkata, 13 September
Prepare to fork out a higher service charge while paying your credit
card bill in cash. HDFC Bank, the largest issuer of credit cards in
the country, has decided to double its service charge for cash
payments at its branches or automated teller machines (ATMs).
"Dear HDFC Bank credit card member, the fee for cash payment made at
HDFC Bank branches or ATMs will be revised to ~100, effective November
1," read text messages and emails the private lender sent to its
customers.
Currently, the bank charges ~50 as cash processing fee.
Sources confirmed the service charge would be raised in November,
adding the bank had kept other charges related to credit card
transactions unchanged. They said other large private and foreign
lenders had already raised credit card transaction fees in recent
months.
ICICI Bank and Citibank charge a service charge of ~100 for credit
card repayments through cash at their branches.
Bankers said the move was aimed at encouraging customers to us online
services offered by banks.
"These are small transactions and should be done through net banking
or other online services. We want customers to become savvy," said a
senior official with a private bank, on condition of anonymity.
Earlier this year, large private lenders in the country had increased
service charges on savings accounts, including penalties for
inoperative accounts, cash deposits over particular amounts in bank
branches and mobile transfer fees.


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CS A RENGARAJAN,, B.Com ,FCS, LLB, PGDBM
Company Secretary, Chennai
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