Banking Should Be For All: Jay Kotak Slams ICICI's MAB Hike -'90% Of India Makes Less Than...'

Following the raise in the minimum average monthly balance requirement for metro and urban savings account holders to Rs 50,000 for new accounts, Jay Kotak, son of Uday Kotak criticised the same on his social media.

"Every Indian must access our financial sector. 90% of India makes less than Rs 25,000 a month. A Rs 50,000 minimum balance implies a sum equal to around 94% of Indians monthly income is to be left with the bank at all times, else a fee!" Jay Kotak tweeted on his social media platform X (formerly known as twitter).

Earlier today, ICICI Bank has sharply raised its minimum average monthly balance requirement for metro and urban savings account holders to Rs 50,000 for new accounts effective Aug. 1. This marks a fivefold jump from the earlier Rs 10,000 threshold, making ICICI Bank’s minimum average balance, the steepest among major Indian banks.

By contrast, other leading private sector peers in India such as HDFC Bank and Axis Bank continue to maintain a relatively lower minimum average balance of Rs 10,000 for customers in metro or urban areas.