Complete waiver on minimum balance: FM

March 24, 2020 15:17

MoS Finance Anurag Thakur

Other measures announced by FM Nirmala Sitharam in the wake of the coronavirus clampdown.

-- Insolvency & Bankruptcy Code default limit has been increased from Rs 1 lakh to Rs 1 crore, MoS Finance Anurag Thakur, said.

-- Debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next 3 months

-- Complete waiver of minimum balance requirement balance in savings bank accounts.

-- For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months. the FM said.

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