How banks are fleecing customers | Thomas Franco Interview

The Reserve Bank of India (RBI) has issued new guidelines on ATM operations across the country, covering aspects like security measures, transaction limits, and applicable fees. These norms determine the number of free transactions a customer can make at their own bank’s ATMs and those of other banks. Beyond these limits, customers are charged a transaction fee. The RBI also regulates ATM maintenance, cash loading, and security protocols.

Thomas Franco, former General Secretary of the All India Bank Officers Confederation (AIBOC), explains how these RBI guidelines impact the common man. He also raises concerns over how banks are increasingly turning into fund providers for corporates while neglecting the needs of the middle class. In this interview with The News Minute’s Senior News Editor Shabbir Ahmed, Franco stresses the importance of banks playing an active role in building the inclusive development of the country.