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The reason being given is alleged lack of interest of BoI in opening new accounts due to the “non-viability” of opening and maintaining such accounts with meager deposits and little transactions.
“We are disheartened at this disinterest on the part of BoI in opening new accounts in the new academic session... they have assessed (the feasibility) and have come to a conclusion that it was not feasible to carry on,” said S K Langa, deputy municipal commissioner, north zone, in charge of the board.
He said the board would invite proposals from other banks and probably zero in either on Axis Bank or ICICI Bank. At present, Axis Bank handles salary accounts of the municipal school board while ICICI Bank does this job for the AMC staff.
BoI officials, meanwhile, refuted the “disinterest” theory and said when they had opened these accounts, 1.25 lakh accounts already opened, it was part of a social responsibility towards the weaker sections and financial inclusion of people from lower strata of society.
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