Likud MK Moshe Kahlon, the chairman of the Knesset Economic Affairs Committee has dismissed a report published today in “Yediot Ahronot” on the reduction in bank fees. The paper alleged that two days after the parliamentary inquiry into bank fees unanimously approved a cut in the number of fees charged to households, the banks were claiming victory since the number cut would actually be smaller.

Kahlon told “Globes” today that the “exact proposal had not yet been determined” and that in any event, this would be set out in the final draft of the bill.

Referring to the number of fees, Kahlon said that once the bill is passed into law, the banks will no longer be able to increase existing fees without authorization. They will also be prohibited from adding new fees without the appropriate permit, and the current number of fees will be cut from the current 450 to 100.

Under the new bill, the penalty for imposing unauthorized fees will be tripled from NIS 500,000 to NIS 1.5 million.

(Globes)