New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra clarified on Monday that the minimum balance requirement for savings accounts is not under regulatory oversight and is left entirely to the discretion of individual banks.

His remarks come amid growing discussion over ICICI Bank’s decision to increase its monthly average balance requirements for new account holders across multiple customer categories.

Speaking on the sidelines of a financial inclusion programme in Gujarat, the RBI Governor was asked about the central bank's position on ICICI Bank’s revised rules. “This decision does not fall under the regulatory domain,” he responded.