The Reserve Bank of India has come out with a new notification on rationalisation of agency commission for Government transaction payable to banks. According to the new guidelines, banks will get Rs 50 a transaction. However, they will get only Rs 12 for an electronic transaction. Electronic transactions involve remittance of funds from the remitter's bank account though the Internet as well as all such transactions which do not involve physical receipt of cash/instruments.
Banks should be encouraged to make customers use the electronic mode, whereas this decision of the RBI will have the opposite effect. Banks may also advise customers to issue cheques for tax payment as that will fetch them more commission. This is a retrograde step.
- S. Kalyanasundaram, Chennai (HBL)
1 comment:
In the case of electronic transactions, even an agency commission of Rs 12 migt leave more margin for a bank than a payment of Rs 50 for a transaction done thru a cheque payment.It does not seem likely that a customer would not put through an Electronic transaction just to enable banks earn more commission per transaction.
A.Chandramouliswaran.
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