Banks can decide minimum balance: RBI

WHILE the Reserve Bank on Monday washed its hands off the issue of a five-fold increase in average monthly minimum balance requirement that ICICI Bank has introduced on new non-salary accounts — from ₹10,000 in rural branches to a high of ₹50,000 in metro branches from this month, saying the subject is not within the regulatory purview of the central bank — netizens express their displeasure over the issue on social media platform X.

- BENN KOCHUVEEDAN @ Mumbai

Addressing a financial inclusion event in Gujarat, Governor Sanjay Malhotra on Monday told reporters, "The RBI has left it to banks to charge or not to charge a penalty on not having a minimum balance in a savings account, and so this doesn't fall under regulatory domain."

"Some banks have kept it at ₹10,000; some have it at ₹2,000, and some have even waived it off. This is not in the RBI's regulatory domain," he added.