This is an example of Class inheritance in Python. You have inherited the BankAccount Class to the MinimumBalanceAccount Class. However, by introducing an __init__ function in the MinimumBalanceAccount Class, you have overridden __init__ function of BankAccount Class. The base class might initialize some variables that are required for you. And hence it is called in the Child class' __init__ constructor to ensure that.
You can use super class to implement the same behavior. 
In Python 2.x, the equivalent will be
class MinimumBalanceAccount(BankAccount):
    def __init__(self, minimum_balance):
        self.minimum_balance = minimum_balance
        super(MinimumBalanceAccount, self).__init__()
Or in Python 3.x,
class MinimumBalanceAccount(BankAccount):
    def __init__(self, minimum_balance):
        super().__init__()
However, you must understand that this will just run whatever __init__ method it finds first from the base methods. So in terms of multiple inheritance, it would be difficult to call __init__ methods of various other classes, if super is not implemented in the base classes. So please avoid using multiple inheritance at all costs or implement super in all classes.
(eg)
class BankAccount(object):
    def __init__(self):
        # Some action here
        # But no super method called here
class MinimumBalanceAccount(BankAccount, LoanAccount):
    def __init__(self, minimum_value):
        super(MinimumBalanceAccount, self).__init__() # Calls BankAccount.__init__()
        super(MinimumBalanceAccount, self).__init__() # Still calls the same
If you still wish to go for Multiple Inheritance, best go with the ParentClass.__init__ approach or add the super method call to __init__ in all the base classes.