Explain the following statements by giving brief reasons in the context of provisions contained under Banking Regulation Act and the prevelant banking practice by referring the provisions of Negotiable Instrument Act? (i

To make banking services accessible to more people RBI has advised that such accounts should have "nil" or "very low" minimum balances. The prescription of high minimum balance by some banks has led to the exclusion of large number of people from the banking arena. It will act as a level playing field among foreign/ private banks and public sector banks.