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Service charges 53. Is there any ceiling on service charges to be levied by the banks?

April 26, 2017Banks ceiling Charges levied service

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Service charges 53. Is there any ceiling on service charges to be levied by the banks?

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Indian Banks Association (IBA) has dispensed with the practice of prescribing service charges to be levied by banks for various services rendered by them. With effect from September 1999, the Reserve Bank has granted freedom to banks to prescribe service charges with the approval of respective Board of Directors.