Government waives off minimum balance fee for three months


Government waives off minimum balance fee for three months

Finance Minister Nirmala Sitharaman on Tuesday made an important announcement of waiving off minimum balance fee from the banks, considering the importance of need of cash in the hands of public amid COVID.


The cash withdrawal fee will be waived off for three months for other bank ATM debit card holders.


Sitharaman, who made the announcement during a news conference, also announced complete waiver of minimum balance charges in savings bank account.


The relief from the government comes at a time when major part of the country has come to a standstill due to the rising number of Coronavirus cases across the country.


To help small companies facing the heat of the coronavirus-related lockdown, the finance ministry raised the threshold that would lead to Insolvency & Bankruptcy Code default proceeding limit has been increased from Rs 1 lakh to Rs 1 crore.


The minister said this increased threshold will help small and medium enterprise.


Sitharaman also said that the government is planning to suspend Section 7, 9, 10 of the Insolvency and Bankruptcy Code for six months if the current economic situation continues even after April.

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