Shastri Boodan
The President of the Chaguanas Chamber of Industry and Commerce, Baldath Maharaj, has warned that any attempt by Republic Bank to reintroduce proposed service fee increases would be socially irresponsible at a time when many small and medium-sized enterprises (SMEs) are already struggling with declining sales.
In a statement following the bank’s decision to pause the proposed fee hikes, Maharaj said the wider business community viewed the move only as a temporary reprieve and expected the increases not to be revisited in the foreseeable future.
He argued that it was unreasonable for a financial institution reporting billions in profits to impose additional financial burdens on businesses already facing difficult economic conditions.
According to Maharaj, SMEs remain the backbone of the national economy and a major source of employment, and increasing banking charges would further undermine efforts at economic recovery.
He also criticised the timing of the proposed increases, saying it demonstrated a disregard for the realities currently facing businesses and consumers.
Maharaj said the decision to pause the increases had also prevented what he described as a dangerous trend within the banking sector, where fee hikes introduced by one major institution often encouraged similar increases by others.
He warned that such a domino effect could have placed even greater pressure on businesses and more than 300,000 customers nationwide.
The Chamber president called on the banking sector to pursue a genuine long-term partnership with the business community, one focused on economic stability rather than increased profiteering.
He added that shareholders should support responsible corporate decisions that protect both businesses and the wider national economy.
