| Consider the following statements and identify which is correct: |
| I. The RBI asked banks to drop the 'no-frills' tag from the basic saving accounts as the nomenclature has become a stigma. |
| II. It has asked banks to provide the zero balance facility in the basic banking accounts along with ATM-cum ? debit cards with 2% of quarterly balance as extra charge. |
A) Only I
B) Only II
C) I, II and III
D) I and II
Correct Answer: C
Solution :
The Reserve Bank of India, in August 2012 has asked banks to drop the 'no-frills' tag from the basic saving accounts as the nomenclature has become a stigma. It has asked banks to provide the zero balance facility in the basic banking accounts along with ATM-cum-debit cards without any extra charge. The central bank had introduced 'no-frills' accounts in 2005 to provide basic banking facilities to poor and promote financial inclusion. The Reserve Bank has asked banks to convert the existing 'no-frills' accounts into 'Basic savings bank deposit accounts'. While there will be no limit on the number of deposits that can be made in a month, basic savings bank deposit account holders will be allowed a maximum of four withdrawals in a month, including through ATMs.
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