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ACKNOWLEDGING the potential for decreased business credit and insurance affordability after a 0.25 per cent asset tax was imposed on banks and insurance companies during the budget, Finance Minister Davendranath Tancoo has urged citizens to "take back their power" when choosing their banks.

Speaking at the TT Manufacturers’ Association post-budget discussion at Hyatt Regency on October 14, Tancoo said increased bank fees were not unusual or unexpected.

“Banks have been charging fees of all sorts for every single transaction and declare substantial profits. That is a private-sector initiative, they are making money and I am very glad that they are making money.