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Investing.com-- India’s central bank is pressing lenders to cut fees on consumer products such as debit cards, late payments, and minimum balance violations, in a move that could hit a major revenue stream for banks, Bloomberg reported on Friday.
Officials from the Reserve Bank of India (RBI) have told banks in recent weeks they want service charges reduced, though no specific limits have been mandated, Bloomberg said, citing people familiar with the matter.
The RBI’s move highlights concerns about fees that disproportionately affect low-income customers in the world’s most populous country, the report said.
The Indian Banks’ Association is also reviewing over 100 retail products that may face scrutiny, the report added.