Payment banks to rob the public

The first payment bank, a joint venture between Airtel and Kotak Mahindra Bank, was launched with much fanfare by the Union Finance Minister on 12th January. A look at the schedule of charges for various transactions at the bank tells us why and for whose benefit digital payment is being promoted by the Government of India.

Airtel Payment Bank has announced that it will charge 0.65% for cash withdrawals of more than Rs 4000; and between Rs 5 and 25 for withdrawals between Rs 10 and Rs 4000. Transfer of money to another bank will involve a charge of 0.5% of the transferred amount, meaning Rs. 5 for every Rs. 1000 transferred. It is even proposed to charge Rs. 50 to close an account in the payment bank.

Besides Airtel owned by the Mittals, Reliance Jio of the Mukesh Ambani group, Idea Mobile of the Birlas and Paytm owned by the Tatas and the Chinese Alibaba group have all obtained licences for operating payment banks.

The proposal to charge a fee per transaction exposes the lying propaganda that the Note Ban is allegedly aimed at taxing the corrupt and bringing more money into the hands of honest hardworking people. The fact that the new payment banks want to charge transaction fees shows that hardworking and honest people are going to get robbed further, for the sake of ensuring maximum profits for monopoly capitalist companies providing digital payment services.

Customers are being lured by the new payment banks by offering higher interest rates on deposits, as compared to the established commercial banks. Once caught in their net, people will be charged a fee every time they withdraw their own money or transfer money to someone else’s account.

While “digital India” is being promoted as a technological advance and a vision of progress for all, the hidden agenda is to enable capitalist monopolies to reap maximum profits by making people pay for services which have so far been available free of cost.

The State, instead of fulfilling its duty of making adequate money available for public use, is forcing people into digital payments, and making them pay to enrich the wealthiest capitalist monopoly houses of the land.

Forcing people to making digital payment is an attack on their rights. People should demand that they must have the freedom to decide on how to make a payment and banking services, available so far free of cost, cannot be charged.


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Feb 1-15 2017    Political-Economy    2017   

पार्टी के दस्तावेज

8 Jan General Strike

Call of the Mazdoor Ekta Committee

The all India general strike has been called to resolutely oppose the course of enriching the capitalist minority by impoverishing the toiling majority. It has been called to assert the rights that belong to workers, peasants and other toiling people who create the wealth of India.

Hum Hain Iske Malik! Hindostan Humara!

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Click to Download PDFThe first part of this pamphlet is an analysis of facts and phenomena to identify and expose the real aims behind the Note Ban. The second part is devoted to a critical appraisal of the government’s claims that it will reduce inequality, corruption and terrorism. The third part is what Communist Ghadar Party believes is the real solution to these problems and the immediate program of action towards that solution.

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Manifesto 2014Unite around the program to reconstitute the Indian Republic and reorient the economy to ensure prosperity and protection for all!

There is growing realisation among workers, peasants and other self-employed people that the program of liberalisation and privatisation only serves to enrich an exploiting minority at their expense. Mass resistance is growing to this anti-worker, anti-peasant and anti-national program.

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