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RBI Report Shows Hidden Costs of Opening Even a Basic Bank Account

September 12, 2017

RBI Report Shows Hidden Costs of Opening Even a Basic Bank Account

A recent report by the Reserve Bank of India shows that the cost of opening a basic bank account is much higher than what most people believe.

If you visit a bank three times- for initial inquiry, opening an account, and finally collecting the documents- then it can set you back by Rs. 139. While this may not be much for a person earning a decent income, it certainly has a serious bearing on the government’s plan to get millions of poor people into organized banking. What’s more- the entire process of opening a basic account takes almost 7.5 hours, which is found to be because of the unhelpful behavior of bank’s staff.

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