Sbi charging 59 for deposit

[desiviru]

In India, banks are under extreme pressure because of operational costs. That’s why major banks are ditching the installations of ATMs. Instead, they are making the use of other bank ATMs free (private banks). Only in India do you get the savings interest at this rate, even from major league banks. Otherwise, interest rates on savings accounts are almost zero in major banks outside (developed nations) India. So they are compensating for that by levying some extra charges.

Now, why is there a fee on cash deposit?
1. Well, banks and the government want to channel all the money through the digital route for better transaction monitoring.
2. Less cash means less black money—at least according to the usual concept; ground reality may be different, but it still becomes difficult for people to do black money transactions digitally.

Another reason is handling cash and its transportation takes lot of amount to be spend on transferring vehicles from petrol to driver slary to security personal vehicle that runs with cash carrying vans. From rural and town branches daily, cash needs to be transported to currency chest.

It's not all about monitoring on digital channels. It's more to save time, money and provide better facilities. As I said my father retired from SBI and we know why things are being done so delivery channels are made better. India's huge population can't be served by few thousand of bank employees. For better pupolation inclusion things like these is must.

Also it's not easy to observe or monitor crores of txn and crores of account even with help of computers. But people have mnade mindset that Govt wants everything digital so they can monitor.

Ask yourself. Are people in India honest enough? Why they always want to trade in cash without limits. Just to hide their illicit income. Genuine people dont have problem actually. For betterment of a country, citizens have duties too but in India you will always find people crying over anything and everything. There is something called coperation which Indian society lacks to core.

On one side they don't want to fulfill their duties towards country and then you will always find them asking for top class facilities. Irony?