Current Affairs - Banking - Discussion

Canara Bank has become the first major public sector bank in India to eliminate the minimum balance requirement across all types of savings bank accounts, including regular, salary, and NRI accounts. This reform means customers will no longer face penalties for failing to maintain an Average Monthly Balance (AMB), a practice that previously discouraged low-income and rural populations from accessing formal banking services. The move is aimed at boosting financial inclusion and simplifying banking access for a broader demographic, including students, salaried workers, and rural communities. It reflects Canara Bank's commitment to customer convenience and inclusive financial practices.