After the demonetization, all the banks including the Public Sector Banks have started imposing frills on the bank accounts. We have seen a slew of measures like restricting the number of branch transactions and maintaining minimum balance etc. But then the worry is that these rules will force commoners away from banking.
[m9ad]
And such move will be detrimental to the actual motive of Demonetization. Restricting the number of branch transactions will mean that customers will withdraw huge amounts of cash at one go and hoard them in their houses to save on the number of transactions.
Also, SBI imposing a minimum monthly average balance will be trouble for the people, especially in the villages. It is not easy for the poor to maintain a minimum balance of 1000 in the rural areas. A couple of penalties, these people will totally stop using banks and will go back to the use of cash.
Banks seems to be trying to cash in from the Saving Bank Accounts using these minimum balance rules. But then they may totally backfire in the long run. Its high time the government intervenes and make amends or else all the efforts towards Cash-less or Less-Cash society will be lost.
