Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: empanelment :: ACCOUNTING STANDARDS :: form 3cd
 
 
« News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

Passbooks to increase pvt, foreign bank costs
October, 07th 2006
Private and foreign banks are unnerved by the Reserve Bank of Indias (RBI) directive to issue passbooks or account statements every month to all customers as they see a substantial increase in expenses. The banking regulator has stated that banks should not pass on the cost of providing passbooks or monthly statements to customers. Unlike public sector banks, which still continue with the age-old practice of issuing passbooks to every customer, private and foreign banks do not issue passbooks, but provide account statements every quarter. Customers are charged anywhere between Rs 100 and Rs 250 by these banks if a customer seeks monthly statements. Bankers, not wanting to be quoted, said passbooks are not something they would like to handle given the costs involved and sending monthly statements is a redundant exercise involving huge expense. According to industry estimates, the cost per transaction at bank branches ranges from Rs 40 to Rs 55 and, hence, these banks rule out getting back to the passbook culture. A senior private sector banker said the cost of sending one statement is Rs 12-Rs 15. If banks have to send statements every month, then the expenditure will increase three-fold to Rs 154-Rs 180 from Rs 48-Rs 60 per customer, which wipes out the gain on an account where the minimum balance of Rs 5,000 is just maintained. Banks have a 3 per cent margin (of Rs 150) on every account that just maintains Rs 5,000 minimum balance. But this gain fades considering the facilities provided by banks. Maintaining ATMs and air-conditioned branches involves huge cost. The cost per transaction ranges from Rs 18-Rs 24 at ATMs and Rs 40-Rs 55 at branches. RBI, in a circular, has asked banks to invariably offer passbook facility to all its savings bank account holders and the banks must issue monthly statement of accounts, in case the bank offers the facility of sending a statement of account and the customer chooses to get the statement. Customers have constant access to their account statements through the mini statement facility of ATMs, internet banking and 24 hour phone banking. Issuing a monthly statement then becomes quite redundant, a private sector banker said and also pointed out that all customers do not have monthly transactions and do not need or even ask for monthly statements. According to the retail head of a foreign bank, We will inform our customers that they can avail of monthly statements through our phone banking service or at our branches. If a customer requests that he/she wants monthly statements, then we will do that.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions