The Central Bank has recently unveiled a directive, clearly stating its stance against banks imposing new fees on accounts that were opened prior to October 2019.
This move requires all commercial banks to be transparent, obliging them to provide comprehensive details about any fees they plan to impose on their clientele.
The directive’s rollout has met with mixed reactions. There’s a palpable sense of skepticism regarding how strictly this rule will be enforced.
Delving deeper, informed sources suggest that some banks, in a bid to manage their expenses, have already started levying fees on newer accounts, those set up after October 2019.
This directive, when fully enforced, poses potential challenges. It might corner some banks, nudging them to evaluate their financial strategies, which in turn could lead to operational downsizing or rethinking their current modes of operation.