.......J. Sadakkadulla, Regional Director, Reserve Bank of India, Chennai, said the ‘no-frills’ account was primarily aimed at people living in rural areas. Such accounts had many limitations with respect to permitted financial transactions in a year. “It is not meant for regular bank customers because depositing Rs. 500 would not be a big issue for urban dwellers. But I think ‘no-frills’ accounts should be opened for purposes such as receipt of scholarship. We shall look into the issue,” he added.
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