Bank boards can decide on waiving penalty on minimum balance: Union Minister
Srinagar, Nov 23 (PTI) The boards of individual banks can decide on waiving the penalty on accounts, which do not maintain a minimum balance, Union Minister of State for Finance Bhagwant Kishanrao Karad on Wednesday said.
“Banks are independent bodies. They have boards which can take a decision to waive off the penalty,” Karad told reporters here.
The minister was responding to a question if the Centre would consider directing banks not to charge any penalty from the accounts where the balance falls below the prescribed minimum levels.
Karad was on a two-day visit to Jammu and Kashmir to review the implementation of various financial schemes in the Union Territory.
The minister said the banks in Jammu and Kashmir had done a good job over the years and directed them to improve their performance on those parameters where they are lagging behind the national average.