HYDERABAD: The Reserve Bank of India (RBI) will not stop banks from collecting charges for various services or insist on a minimum balance, as it is the choice of the customer where to open account, Deputy Governor K.C. Chakrabarty said here Thursday. "This is business. We can't interfere. We are not here to control business. We can only bring more competition," Chakrabarty told reporters on the sidelines of a national seminar on financial inclusion...............
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1 comment:
While in a deregulated environment, it is oaky that RBI should not interfere in Bank charges. Nevertheless, they have to see, especially in new private sector banks, whether the charges are reasonable and they should counsel the banks when they find that the charges and the minimum balance required to be maintained,especially of the new private sector banks, are unreasonable. It is not so easy to change bank accounts when several transactions of the customer including online payments are linked to the bank.
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