Banks not adhering to RBI’s directive on no frills a/cs

The finance ministry has admitted to the fact that banks are not complying with the directives laid down by RBI for opening no frills, 0 balance accounts in rural regions as a step towards financial inclusion movement in the country.

As per the Finance Minister Pranab Mukherjee’s statement, few banks might not be adhering to RBI’s directives about opening of no frill, 0 balance accounts in rural regions.

Mukherjee said further that he has recommended banks to listen to political leadership and the state governments in hearing out the customer grievances.

Stressing the importance of “vigilant mechanism”, he said branch officers were being held responsible.

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