In the last few years, savings account holders have complained to banks against the government-introduced rule of ‘minimum balance’ in the account, and pleaded for waiver of the rule It was a reasonable request, but banks turned a deaf ear If a customer failed to maintain a minimum balance, he/she was slapped with a penalty Some banks earned hundreds of crores of rupees a year under this obnoxious rule Customers have hit back with looking beyond banks at other avenues to place their savings Banks have caved in.

At least five banks have waived the minimum balance requirement What reason could not do, economics has achieved! Hurrah!

~ P. Chidambaram, Member of Parliament, Rajya Sabha, Former Finance Minister, GoI