Banking charges: Govt banks earned this amount from online services; check details
Month Net sale (-) / purchase (+) of USD in USD Million* ₹ equivalent (₹ Crores) Sep-24 9,639 80,549 Oct-24 -9,275 -77,969 Nov-24 -20,228 -1,70,630 Dec-24 -15,150 -1,28,753 Jan-25 -11,139 -95,388 Feb-25 -1,621 -14,024 Mar-25 14,355 1,24,586 Apr-25 -1,660 -14,635 *Source: RBI
Do you know that banks charge fees for all sorts of services they provide to customers, whether these services are accessed online or through their physical branches? The Ministry of Finance has confirmed that banks are allowed to levy reasonable service charges on various services they offer. In the past five years, state-owned banks in the country have generated more than Rs 2,300 crore in service charges by providing online services, the ministry disclosed in the Lok Sabha on Monday.During a recent Lok Sabha session held on July 28, 2025, Members of Parliament Dr. T Sumathy Alias Thamizhachi Thangapandian and Thiru D M Kathir Anand posed critical questions regarding the revenue generated by banks from service charges and the Reserve Bank of India 's oversight of foreign exchange reserves.ET Wealth Online breaks down the government's official response to four key questions:Members of Parliament Dr. T Sumathy Alias Thamizhachi Thangapandian and Thiru D M Kathir Anand asked several questions on the earnings of banks through service charges.Question:The government in Parliament replied: As per the Reserve Bank of India's (RBI) Master Circular on 'Customer Service in Banks,' the Board of respective banks are empowered to prescribe service charges on various services offered by them, subject to these charges being reasonable and not out of line with the average cost of providing these services. Further, banks have also been advised to display information relating to service charges on their respective websites and notice boards to enable customers to obtain such information.The government in Parliament replied: The aggregate amount earned by the public sector banks (PSBs) through their online services (merchant transactions through debit cards & internet /mobile banking, government business transactions, forex transactions, fee payment, and payment services-IMPS/NEFT/RTGS) during the last five years is detailed as under:Further, the non-interest income earned by the PSBs through all services provided, including online mode and bank networks throughout the country, has increased with a compound annual growth rate (CAGR) of 9.15% during the last 5 years (FY 2019-20 to FY 2024-25).The government in Parliament replied: According to the RBI, the value of the Indian Rupee (INR) is market-determined, with no target or specific level or band. The RBI regularly monitors the foreign exchange market and intervenes in situations of excess volatility. Below are the RBI's foreign exchange market interventions in terms of USD and INR from September 2024 to April 2025:
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