HDFC Bank Branch in Maskanwa of Uttar Pradesh has been found to be in violation of Reserve Bank of India (RBI) guidelines, according to recent reports. The bank employee at the branch has been found to be demanding an amount of 25,000 rupees for opening a savings account, citing that the bank wants to attract customers of a certain financial standing and not those who cannot maintain the minimum account balance.
This move by the HDFC Bank Branch is in direct violation of the RBI guidelines, which state that banks cannot discriminate against customers based on their financial status. Additionally, the bank has not been following the Minimum Average Balance (MAB) requirement, which mandates that customers maintain a balance of 10,000 rupees in their HDFC savings account.
It has come to light that the HDFC Bank Branch in Maskanwa has not been fully constructed and is still under construction, but it has already started opening bank accounts. This is a serious violation of the RBI guidelines, which require banks to have all necessary infrastructure and systems in place before opening their doors to customers. This move is highly unethical and can lead to customers being negatively impacted.
Furthermore, the HDFC Bank Branch in Maskanwa has not been following the zero-balance account guidelines introduced by the RBI in 2012, which aims to encourage financial inclusion. Under these guidelines, banks must provide basic banking services to all customers, regardless of their account balance. This move is seen as a crucial step towards financial inclusion, as it allows customers with limited funds to access basic banking services such as savings accounts, debit cards, and online banking.
In addition, the HDFC Bank Branch in Maskanwa has also not been following the Pradhan Mantri Jan Dhan Yojana (PMJDY), which was launched by the Government of India in 2014 to ensure that every household in the country has at least one bank account. The PMJDY is aimed at providing financial services to the unbanked population of India and promoting financial inclusion. Banks are required to offer zero-balance accounts under the scheme, with no requirement for a minimum balance.
These actions by the HDFC Bank Branch in Maskanwa are a clear violation of both RBI guidelines and government initiatives towards promoting financial inclusion. The bank is discriminating against customers based on their financial status by demanding a significant sum for opening a savings account.
It is crucial that HDFC Bank takes swift action to rectify these issues and ensure that they are in compliance with RBI guidelines and government initiatives. The bank should take strict action against the employee who demanded 25,000 rupees from a customer for opening a savings account. Furthermore, the bank should ensure that all its branches follow the zero-balance account guidelines and the PMJDY to promote financial inclusion.
The HDFC Bank Branch in Maskanwa’s violation of RBI guidelines is a serious concern, and swift action must be taken to address these issues. The bank’s reputation is at stake, and customers may suffer as a result of its actions. HDFC Bank must ensure that all its branches adhere to RBI guidelines and government initiatives, and work towards promoting financial inclusion in the country.