The Central Financial institution has lately unveiled a directive, clearly stating its stance in opposition to banks imposing new charges on accounts that have been opened previous to October 2019.
This transfer requires all business banks to be clear, obliging them to supply complete particulars about any charges they plan to impose on their clientele.
The directive’s rollout has met with blended reactions. There’s a palpable sense of skepticism relating to how strictly this rule will likely be enforced.
Delving deeper, knowledgeable sources counsel that some banks, in a bid to handle their bills, have already began levying charges on newer accounts, these arrange after October 2019.
This directive, when absolutely enforced, poses potential challenges. It’d nook some banks, nudging them to judge their monetary methods, which in flip might result in operational downsizing or rethinking their present modes of operation.
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