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States » SouthPosted at: Mar 30 2025 5:30PM


Hike in ATM charges institutionalised extraction, poor swipes, rich smiles : Stalin

Chennai, Mar 30 (UNI) Asserting that the hike in ATM withdrawal charges
was an institutionalised extraction that negated the objectives of financial
inclusion of poor, Tamil Nadu Chief Minister and DMK President M K Stalin
on Sunday said it is not digitisation as the poor swipes and the rich smiles.
Strongly opposing the RBI's decision allowing banks to charge up to Rs 23
for ATM withdrawals beyond monthly limit, Mr Stalin said this will make people
withdraw more than they need and in particular, negate the objectives of financial
inclusion of poor.
In a social media post, he wrote "The Union Government urged everyone to open
bank accounts. Then came demonetisation, pitching DigitalIndia."
"What followed? Charges on digital transactions, penalties for low balances and
now the RBI has allowed banks to charge up to Rs. 23 for ATM withdrawals beyond
monthly limit", Mr Stalin pointed out.
"This will make people withdraw more than they need and in particular, negate the
objectives of financial inclusion of poor", he noted.
"Beneficiaries of Mahatma Gandhi National Rural Employment Guarantee Act, which
is already starved of funds and the poor who benefit from our Kalaignar Magalir Urimai
Thittam cash transfers will be the ones who will be hit the hardest", the Chief Minster
said
"This is not digitisation. It is institutionalised extraction. The poor swipe, the rich smile",
he added.
UNI GV
Tags: #Hike in ATM charges institutionalised extraction# poor swipes# rich smiles : Stalin
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