Chandrababu Naidu faults banks on the norms of minimum balance

Monday, March 6, 2017

Andhra Pradesh Chief Minister N.Chandrababu Naidu on Monday faulted the banks for seeking to enforce new norms with regard to minimum balance in personal accounts and levying of charges on multiple transactions.

Chandrababu Naidu is reportedly not happy with the moves of some banks in imposing new norms. He who heads a high-level committee of Chief Ministers and others on digital economy cautioned the bankers that such moves would lead to collapse of financial inclusion. The people would stop depositing their money in the banks if the new norms were enforced and instead would keep it at home, he said.

‘All this is in total contrast to what we have recommended to boost digital economy’, said Chandrababu at a press conference. He said that the cost of digital currency should be less than that of physical currency if digital economy were to succeed. ‘I shall take it up with the SLBC but also at the national level, he asserted.

It may be recalled that the State Bank of India has decided to introduce penalty on non-maintenance of minimum balance from April 1 and revised charges on other services. Many banks are in suit.

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