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Our Bureau

Mumbai , Nov. 25

The All-India Bank Depositors Association (Mumbai) contends that the RBI working group report on reasonableness of bank service charges is "not specific."

The association thinks the report should specify the "financial services that need scrutiny" for fair charges.

The working group has not set down the rules to determine the cost of each banking service, the association feels and adds that "it should be mandatory for all banks to formulate a costing mechanism so that within a period of three to four months each bank determines the cost of each basic service."

There is a need to appoint a compliance officer at each bank to ensure fairness to the consumer, the association says in a press release.

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`RBI report on bank service charges not specific'

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