CM Stalin condemns RBI’s approval to hike ATM withdrawal charges, calls it institutionalised extraction from poor
Chief Minister Stalin added that beneficiaries of the Mahatma Gandhi National Rural Employment Guarantee Scheme, which is already starved of funds, and the poor who benefit from the Kalaignar Magalir Urimai Thittam cash transfers, will be the hardest hit.
Cheif Minister MK Stalin
CHENNAI: Calling the Union government’s digitisation move an “institutionalised extraction” from the poor, Chief Minister MK Stalin on Sunday condemned the increase in ATM withdrawal fees from Rs 21 to Rs 23 for every transaction beyond the monthly limit.
Taking to social media to voice his strong condemnation of the RBI’s approval for banks to increase charges for ATM withdrawals exceeding the monthly limit, the CM stated, “The Union government urged everyone to open bank accounts. Then came demonetisation, followed by the promotion of Digital India.
What followed? Charges on digital transactions, penalties for low balances, and now the RBI has allowed banks to charge up to Rs 23 for ATM withdrawals beyond the monthly limit. This will lead people to withdraw more than they need and, in particular, undermine the objectives of financial inclusion for the poor.”
Chief Minister Stalin added that beneficiaries of the Mahatma Gandhi National Rural Employment Guarantee Scheme, which is already starved of funds, and the poor who benefit from the Kalaignar Magalir Urimai Thittam cash transfers, will be the hardest hit. “This is not digitisation. It is institutionalised extraction. The poor swipe, the rich smile,” Chief Minister and DMK president Stalin said.
