New Delhi, July 7 -- Noting that at least five banks have waived the minimum balance requirement after customers "hit back" by looking beyond banks at other avenues to place their savings, Congress leader P Chidambaram on Monday said "what reason could not do, economics has achieved".

In a post on X, Chidambaram, a former Finance Minister, said savings account holders have complained to banks against the government-introduced rule of 'minimum balance' in the account and that some banks earned hundreds of crores of rupees a year "under this obnoxious rule".

He said the banks had been turning a deaf ear to the requests of customers.

"In the last few years, savings account holders have complained to banks against the government-introduced...