Don’t levy penalty if minimum balance is not maintained in bank account: RBI to banks

The RBI has asked banks not to impose penalties on customers who don’t maintain a minimum balance in any dormant account as part of a consumer protection initiative. A number of banks, including the State Bank of India, do not levy any penalty if the minimum balance is not maintained in an inoperative savings account. In 2012, the RBI directed banks not to charge customers for non-operation or activation of basic savings bank deposit accounts.

Month: Current Affairs - May, 2014