Even as social media platforms are abuzz with 'news' around blanket hike in transaction charges across banks, the Indian Banks' Association (IBA) has stepped in to scotch the rumours.

The Ministry of Finance, too, reiterated IBA's position. "No proposal by banks to discontinue free services," said Rajiv Kumar, secretary, department of financial services, in a tweet on Wednesday.

Rumours on restrictions and increase in charges on cash deposits beyond Rs 2 lakh, withdrawals through cheques, internet and mobile banking transactions and so on have gone viral over WhatsApp and also certain media outlets, creating panic amongst banking customers in the last few days.

Noting that reports "based on misinformed communications and spreading false information that all free services of public sector banks will be ceased by January 20, 2018," are floating on the social media platforms, IBA denied any such move or even a proposal on these lines. "Public should be careful and should not get misled by such messages...there are no fresh RBI guidelines or instructions on this," IBA's chief executive VG Kannan said.

At the same time, however, the IBA has made it clear that banks looking at commercial and operational costs would constantly examine and revise charges. A blanket increase in charges across banks, though, is unlikely to happen.