Jay Kotak criticises ICICI Bank avg balance move

RESERVE BANK OF India (RBI) governor Sanjay Malhotra on Monday said banks are free to decide on the minimum balance for savings accounts, and that it does not fall under the regulatory domain of the RBI.

- MAHESH NAYAK

Asked about a private bank increasing the minimum balance required for savings accounts, Malhotra said, "The RBI has left it to individual banks to decide on what minimum balance they want to set. Some banks have kept it at ₹10,000, some have kept ₹2,000 and some have exempted (customers). It is not in the regulatory domain (of RBI)."