New Delhi, July 10: Reserve Bank of India has not stipulated any minimum balance for savings or current accounts. Such stipulations are made by individual banks taking into account the cost of maintaining and servicing the accounts. The minimum balance stipulated by the banks for saving bank account cannot be considered as or on par with fixed deposits.This information was given by minister of state for finance K M R Janarthanan in a written reply in the Lok Sabha.
He said it would not be appropriate to consider minimum balance stipulated by banks either in saving bank accounts or in current accounts as fixed deposits for one year. Saving bank deposits are flexible with negligible stipulations regarding transactions in the account, the minister clarified.
In reply to another question, Yashwant Sinha denied that the government was considering any proposal to withdraw its nominee directors from the boards of public sector banks. He also clarified that the government did not appoint any nominee directorson the boards of private sector banks.
He also said the Reserve Bank of India has no proposal to withdraw its nominees from the boards of the public sector banks.
Meanwhile, commerce minister Ramakrishna Hegde said India's share in the floriculture industry amounted to a mere 0.3 per cent of the world exports during 1997-99 as this industry is in a nascent stage in the country.
Sixtythree places in the country have been identified for development of Buddhist tourism by task forces constituted by the tourism ministry in 1986 and 1988, minister of state for tourism Omak Opang said in a reply.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
