The State Bank of India (SBI) has written to the Reserve Bank of India (RBI) requesting a change in rules to ensure an account remains operative. The bank has requested that non-financial transactions, such as balance checking, be considered for tagging an account as operative.
Chairman of SBI, stated that many account holders, particularly those using cash transfers under government programs, do limited financial transactions. Chairman Satty argued that the current rules of RBI focus on financial transactions at a given point of time which resulting in many accounts being tagged as “inoperative” or non working . The bank has taken the matter up with the RBI as per information gathered from sources.