More importantly, concerns have been raised with regard to banking practices that tend to exclude vast segments of the population. In this context, the Reserve Bank has announced its intention to implement policies to incentivise banks to provide extensive services responsive to the needs of the under-privileged.
As part of the process, the Reserve Bank has recently advised all banks to make available a basic banking ‘no frills’ account either with ‘nil’ or very low minimum balances as well as charges that would make such accounts accessible to vast sections of population.