It is possible that in the future, penalty for not maintaining minimum balance in bank accounts may be abolished.
Different banks have different minimum balance requirements.
Account holders currently pay penalty for not maintaining the minimum balance.
The Minister of State for Finance, Bhagwant Kishanrao Karad, made a statement regarding abolishing penalty for not maintaining minimum balance.
Karad appealed to the boards of directors of banks to make the decision to abolish the penalty.
Karad stated that banks are independent bodies and can waive the penalty for not keeping the minimum amount.
The media questioned the Minister of State for Finance about maintaining the minimum amount.
The government is considering giving instructions to banks not to impose penalty on accounts with deposits below the prescribed minimum level.
The Minister urged the bank directors to waive the penalty for not keeping the minimum amount.
The statement was made by the Minister of State for Finance, Bhagwant Kishanrao Karad.