GN Bureau | May 7, 2014
To boost financial inclusion, the Reserve Bank of India (RBI) has allowed minors over ten years of age to independently open their savings bank accounts and run it without tagging themselves in joint accounts with a parent or guardian.
However, the RBI has given banks the liberty to give this facility and also fix the minimum age at which minors can can have savings bank accounts independently.
Under the new RBI guideline, the minors are to be given facilities like ATMs, internet banking, debit card and chequebooks. Such accounts, however, shall never be overdrawn, the RBI has said. Besides, the additional banking facilities shall conform to the banking norms.
Meanwhile, according to separate RBI circular, banks have been asked to stop the practice of levying penal charges on inoperative banks – savings and current accounts that have had no transaction for two years or more. Such charges lead to negative balance and customers are asked to pay up when they go to close their accounts.
Instead, the RBI has asked the banks to cut down on services available to the account holder till the time the minimum account balance is restored.
From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom
While many countries have been chasing to reach the carbon neutral status, only a few seem to be living up to their pledges as of now. The famous ’Paris Agreement’ of 2015 was glorified and celebrated that finally 196 countries have united with an intent to mitigate and reduce the greenhouse ga
The government this week announced the Tour of Duty or `Agnipath` scheme for the recruitment of soldiers in the armed forces. Under this scheme new soldiers will be recruited only for four years. This radical and far-reaching scheme has attracted mixed reactions from various quarters. While some officials
UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and a whole host of other things due to the ease and availability of such a platform at our fingertips. The best
Scorching Love: Letters from Mohandas Karamchand Gandhi to his son, Devadas By Gopalkrishna Gandhi and Tridip Suhrud Oxford University Press, 528 page, Rs 1495 Gandhi’s era happened to be an era when letter-writing was a primary mode of communica
Crediting the citizens of Mumbai for coming forward to help the police in combating the crisis situation due to Covid-19, Mumbai police commissioner Sanjay Pandey has said that Mumbai Police lost quite a few policemen during the pandemic but cumulative efforts, with citizens working hand in hand with the p