Sunday, August 19, 2012

RBI tells urban co-ops to change ‘no frills’ accounts into SB A/Cs

The Reserve Bank of India (RBI), on Friday, asked the Urban Co-operatie Banks (UCBs) to convert the existing basic banking ‘no-frills’ accounts into ‘Basic Savings Bank Deposit Account.’ Also, the ‘Basic Savings Bank Deposit Account’ be treated as a normal banking service available to all and it should not have a requirement of any minimum balance.........

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