You are charging the bank instead of the SMS of your transactions, do you know?

BCSBI has said that the banks are clearly violating the RBI guidelines and are charging more for the SMS.

New Delhi: Do you know that the banks are charging you for the SMS received for transactions and transactions in your bank? Regardless of the price given for these SMS in your eyes, the bank is making a lot of money.

According to the Economic Times report, where RBI has instructed banks to send their SMS to their transactions for avoiding fraud from their customers, the banks have also instructed them to send these SMS only on the customers' personal usage basis. But many top banks in the country like SBI and ICICI Bank are not following these rules.

The Banking Codes and Standard Board of India (BCSBI), an autonomous body that tracks bank customers' interests, has said that the banks are clearly violating the RBI guidelines and charging more for the SMS.

19 out of 48 banks are charging the SMS Charge of SMS alert
BCSBI's study has revealed that out of 48 banks, 19 banks are charging Rs 15 for each SMS from their customers for these SMS alerts, whereas existing tax Together, this amount goes to 17.7 rupees. 

Banks usually hire these agencies to send these SMS on behalf of the contract. If these SMS is sent without any human intervention, then every SMS costs 8 to 10 paisa. So if the bank is sending 100 SMS to you in one quarter, its cost comes between 8 to 10 rupees.

A former bank official said that the banks are clearly earning through these SMS services. But it is not possible to keep an eye on the SMS sent to every customer and there is a need to check more about how much the fee is being charged by every customer.