OMG! SBI collected Rs 1771-cr charges from below minimum balance accounts in April-Nov

News Network
January 2, 2018

The below minimum balance in your account is indeed a bonanza for the banks. According data provided by the finance ministry, India's largest lender State Bank of India, from April to November in 2017, had collected a whopping Rs 1,771 crore as charges from customers who did not maintain their minimum monthly average balance (MAB) in their accounts.

It has been learnt that the amount is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit from April to September.

SBI did not collect any money from levy of charges for non-maintenance of MAB during the 2016-17 financial year. The charges were re-introduced after a gap of five years during the current fiscal. The bank has a total of 42 crore savings bank accounts of which 13 crore are Basic Savings Bank Deposits Accounts and Pradhan Mantri Jan Dhan Yojana accounts, both categories exempted from levy of such charges.

SBI yesterday reduced the base rate and benchmark prime lending rates (BPLR) by 30 basis points each, which will benefit nearly 80 lakh customers on the old pricing regime. The nation’s largest lender revised down the base rate to 8.65 per cent for existing customers from 8.95 per cent, while the BPLR is down from 13.70 per cent to 13.40 per cent. The bank however did not change the marginal cost of funds-based lending rate (MCLR) which would have brought down the cost for all borrowers. The one-year MCLR of the bank stands unchanged at 7.95 per cent. The new rates will be effective yesterday, the bank said in a statement.

“We had done the rate review in the last week of December, and based on whatever deposits rates we had, our base rate was brought down by 30 basis points to 8.65 per cent now,” managing director for retail and digital banking, PK Gupta told reporters in a concall. Nearly 80 lakh customers who are on the old lending rate regimes and have not moved to MCLR, will be benefited from this reduction. Banks review MCLR on a monthly basis, while the base rate revision happens once a quarter.

Other banks

After SBI, Punjab National Bank recorded the highest collection of Rs 97.34 crore through levy of such charges during the April-November period followed by Central Bank of India’s Rs 68.67 crore and Canara Bank’s Rs 62.16 crore.

Punjab and Sind Bank is the only state-run lender which did not levy any charges during April-November and in 2016-17.

Comments

weenuji
 - 
Wednesday, 3 Jan 2018

SBI apart from MAB fee of rs 1771 cr had earned 42-13 39 cr accounts less about 3 cr account not maintained minimum ie 36 crores. For april-sep min bal was 5000/ considering rural semi urban an avg balance with SBi would be 3000/-. So 36X3000 108000cr was minimum balance and a fixed amount. This fixed amount would have at least earned 6 interest (lending rate >12 ), less Sb interest 4 paid. minimum 2 on 108000cr pocked by SBI. 108000x2/100x7/12 1260 cr. So SBI had pocked in most conservative and simple estimation overall 1771+1260 3031 cr money of SBI account holders

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News Network
June 22,2020

New Delhi, Jun 22: With an increase of 14,821 new cases and 445 deaths, India's COVID-19 count reached 4,25,282 on Monday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 13,699 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,74,387 active cases, and 2,37,196 cured/discharged/migrated patients.

Maharashtra with 1,32,075 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 60,161 active, 65,744 cured, discharged patients while 6,170 deaths have been reported due to the infection so far.

Meanwhile, the national capital today became the second-worst affected region in the country with the number of confirmed cases in Delhi reaching 59,746 as opposed to Tamil Nadu's 59,377 cases.

While 2,175 deaths have been reported in Delhi due to the infection so far, the toll in Tamil Nadu stands at 757.

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News Network
June 21,2020

Mangaluru, June 21: A local court has held notorious serial killer Cyanide Mohan Kumar guilty in the murder of a 25-year-old woman from Kasargod. This is the 20th and the last case of Cyanide Mohan to be tried in the sixth additional district and sessions court. 

According to public prosecutor Jayarama Shetty, the victim was working as a cook in a ladies hostel and got in touch with Mohan Kumar, a teacher. He visited her house thrice and promised to marry her. On July 8, 2009, on the pretext of visiting a temple in Sullia, she left home, never to return. 

They had travelled to Bengaluru and three days later, when her family tried to reach her on phone, he told them that she had gone for a bath and that they were married and would be returning back home soon.

The next day Ramakrishna, a constable from Upparpete police station, found a lady lying unconscious outside the bathroom and he immediately rushed her to a local hospital, where she was declared dead on arrival. Like in all other cases, after staying in a lodge and having sex with the victim, he took her to the KSRTC bus stand and asked her to consume a cyanide laced tablet, stating it was a contraceptive pill. 

He asked her to leave behind the jewellery that she was wearing at the hotel room. An unnatural death report was registered and since none of her relatives had turned up for identification of the body, on July 15,2009 the body was buried.

The moment the Dakshina Kannada district police arrested the serial killer on October 21, 2009 and his pictures were all over the media, the family recognised him and the victim’s younger sister filed a missing complaint. The police had also recovered the victim’s jewellery from the house of Mohan’s second wife and the jeweller from whom he had purchased cyanide had also identified him. Meanwhile, the CID had taken over the case and a charge sheet was filed.

"The report from the Forensic Science Laboratory is crucial in this case as cyanide was found in the victim’s viscera. Mohan over the years has become a legal expert and in this case, he had sought two adjournments," said Jayaram Shetty. Mohan is currently lodged in the Hindalga central jail.
 

Comments

AJIT KUMAR
 - 
Sunday, 21 Jun 2020

shame to keep this man  alive for so many criminal cases, shoot him or hang him immideatly

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News Network
January 22,2020

Mysuru, Jan 22: Former Chief Minister Siddaramaiah here on Wednesday urged the state government to initiate an unbiased investigation into the Mangaluru airport bomb case.

Addressing media persons here, he said, “The incident has created panic among the public and such incidents are being repeated due to the failure of intelligence agencies of the state”.

On accused Aditya Rao, the suspect in the case, who surrendered before Bengaluru police on Wednesday morning, the senior Congress leader said, “I have not yet gathered complete information about the accused in the case, therefore I would not like to comment about him.”

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