......What the new norms mean is that no customer who comes to open an account can be turned away even if he cannot maintain minimum balance" said KC Chakrabarty, Deputy Governor, Reserve Bank of India. The new directive comes after banks failed to make any major headway in `no-frills' accounts. Also a major disadvantage of the no-frills account was that without a cheque book or ATM facility the ability to conduct transactions was limited............
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