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RBI simplifies reactivation of dormant accounts; tightens norms to curb frauds
The Reserve Bank of India (RBI) has relaxed the process for reactivating dormant accounts and increased norms to limit fraud in inoperative accounts. Activation can be done through KYC details or video-customer identification processes. Banks are not allowed to charge fees for inoperative account activation or penalize non-maintenance of minimum balances.