STOP FINE FOR NOT MAINTAINING MINIMUM BALANCE IN BANK
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RBI should review this policy of levying penalty for non-compliance with its minimum balance requirements in the interest of the poor account holders. They are collecting money who don't have enough money to maintain balance.
Account holders in urban areas other than metros, semi-urban and rural areas, the Minimum account balance requirements are Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively.
Only State Bank of India (SBI) has realised Rs235.06 crore as penalty from 388.74 lakh accounts for not maintaining monthly average balance in the first quarter of the current fiscal.
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