The Banks have been levying bank charges for providing various services like ATM card, chequebook, annual statement, and transactions. These charges directly affect the poorest sections of society. In August 2018, the Union Minister of State in Finance, Shiv Pratap Shukla reported in Lok Sabha that Rs 4,990 crore were collected by 21 public sector banks and three leading private banks from customers for non-maintenance of monthly average balance in savings accounts in the financial year 2017-18. The State Bank of India, being the largest among all public sector banks and having more deposits from working class people than any other bank, has collected a whopping Rs 2,434 crore, almost half of what all the other banks collected. Moreover, if we put together the data for the last four years, then the bank charges for non-maintenance of minimum balance turn out to be a whopping amount of Rs 11,500 crore.

Thomas Franco, Former General Secretary of the All India Bank Officers Confederation, explains these bank charges in the context of the rising NPAs and their impact on the poor. He argues that the bank charges needs to be reviewed immediately.

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In a historic 7-1 decision, the U.S. Supreme Court decided in Jam v. IFC that international organizations like the International Finance Corporation of the World Bank Group do not enjoy absolute immunity.

The Court’s decision marks a defining moment for the IFC – the arm of the World Bank Group that lends to the private sector. For years, the IFC has operated as if it were “above the law,” at times pursuing reckless lending projects that inflicted serious human rights abuses on local communities, and then leaving the communities to fend for themselves.

This will be the first time the US Supreme Court has addressed the scope of international organisations’ immunity.

Visit here to know all about the case.