bank penalties

New Delhi, July 7, 2025: Former Finance Minister and senior Congress leader P. Chidambaram on Monday lauded a consumer-driven shift that has forced at least five banks to waive the controversial minimum balance requirement on savings accounts. He noted that while reason had failed to sway banks, market economics had finally succeeded.In a post on X, Chidambaram criticized the "obnoxious" minimum balance rule, stating that several banks had profited by penalizing customers who failed to maintain a minimum balance. “Some banks earned hundreds of crores of rupees a year under this obnoxious rule,” he wrote, emphasizing that banks had long…