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
May 12,2020

May 12: Children suffering from non-respiratory disease symptoms like diarrhea and fever, or those with a history of exposure to the novel coronavirus, should be suspected of having COVID-19, a new study says.

According to the research, published in the journal Frontiers in Pediatrics, gastrointestinal symptoms first suffered by some children hints at potential infection with SARS-CoV-2 through the digestive tract.

"This case series is the first report to describe the clinical features of COVID-19 with non-respiratory symptoms as the first manifestation in children," the scientists from Tongji Hospital in China wrote in the study.

They explained that the gastrointestinal symptoms could be arising since the type of receptors in lung cells targeted by the virus can also be found in the intestines.

Most children are only mildly affected by COVID-19, and the few severe cases often have underlying health issues, the researchers said.

"It is easy to miss its diagnosis in the early stage, when a child has non-respiratory symptoms, or suffers from another illness," said study co-author Wenbin Li, who works at the Department of Pediatrics, Tongji Hospital.

"Based on our experience of dealing with COVID-19, in regions where this virus is epidemic, children suffering from digestive tract symptoms, especially with fever and/or a history of exposure to this disease, should be suspected of being infected with this virus," Li said.

In the study, the scientists described the clinical features of children admitted to hospital with non-respiratory symptoms, who were subsequently diagnosed with pneumonia and COVID-19.

"These children were seeking medical advice in the emergency department for unrelated problems, for example, one had a kidney stone, another a head trauma," Li said.

The study noted that all the children had pneumonia, which was confirmed by chest X-ray scan before or soon after admission.

These children were then confirmed to have COVID-19.

While their COVID-19 symptoms were initially mild or relatively hidden before their hospital admission, four out of the five cases had digestive tract symptoms as the first manifestation of this disease, the researchers said.

Li hopes that doctors will use the findings to quickly diagnose and isolate patients with similar symptoms, which may aid early treatment and reduce transmission.

According to the researchers, the children's gastrointestinal symptoms, which have also been recorded in adult patients, could be an additional route of infection.

"The gastrointestinal symptoms experienced by these children may be related to the distribution of receptors and the transmission pathway associated with COVID-19 infection in humans," Li explained.

Since the virus infects people via the ACE2 receptor, which can be found in certain cells in the lungs as well as the intestines, COVID-19 might infect patients not only through the respiratory tract in the form of air droplets, but also through the digestive tract by contact or fecal-oral transmission, the study noted.

While COVID-19 tests can occasionally produce false positive readings, Li said all the five children assessed in the study were infected with the disease.

However, he cautioned that more research is needed to confirm their findings.

"We report five cases of COVID-19 in children showing non-respiratory symptoms as the first manifestation after admission to hospital. The incidence and clinical features of similar cases needs further study in more patients," he said.

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News Network
January 24,2020

Bengaluru, Jan 24: Middle East based prestigious LuLu Group has come forward to invest $300 million in Karnataka in the retail, logistics and hospitality sectors.

As part of this, the first LuLu mall will commence operations in Bengaluru’s Rajajinagar area by August.

LuLu’s first mall in India, in Cochin, is seen as a huge success. It’s not clear how that mall is doing financially, but it became so popular that it had an adverse effect on almost every other mall in the city.

Lulu’s investment plan for Karnataka was communicated during a discussion between chief minister BS Yediyurappa and Yusuff Ali MA, chairman and managing director of Lulu Group, on the sidelines of the World Economic Forum in Davos.

The company will also set up two five-star hotels in Bengaluru through Twenty14 Holdings, its hospitality arm, and a modern logistics centre in the Uttara Kannada region.

Lulu Group’s retail initiative Tablez brought Toys `R’ Us, one of the world’s largest toy store chains, to Bengaluru in 2017. Started in the Phoenix Mall in Whitefield, it competes with Reliance-owned Hamleys.

Tablez has also brought in other international brands such as American ice cream parlour chain Cold Stone Creamery, South Africa based flame-grilled chicken concept Galito’s, and Tablez’ own brand Bloomsbury’s, a boutique cafe and bakery. It has also launched Spanish fashion brands Springfield and Women ’secret.

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News Network
January 14,2020

Jan 14: A police complaint was lodged on Tuesday against BJP West Bengal unit president Dilip Ghosh for his threat to "beat up" and "shoot' " anti-CAA protesters, whom he called "infiltrators".

The complaint was registered in Ranaghat police station of Nadia district by a Trinamool Congress worker Krishnendu Banerjee, who alleged that Ghosh was inciting communal passion.

Addressing a party rally on Sunday in Ranathat, about 80 km from Kolkata, Ghosh went ballistic, saying the governments in BJP-ruled Assam, Karnataka and Uttar Pradesh have shot dead "like dogs" those protesting against the new Citizenship (Amendment) Act.

Alleging there were one crore infiltrators in the state, Ghosh had accused them of destroying public property worth Rs 500-600 crore during the violent protests against the CAA last month

"Friends, please know these people who are opposing Hindus and Bengalis. In whose interest are they doing this? There are one crore infiltrators. They are having their meals and staying here on our money".

He accused the state's Mamata Banerjee government of remaining silent a spectator to the violence.

"This (violence) happened because there was neither any baton charge, nor firing, nor was any FIR filed. Why? Didi's police did not arrest anybody... because they vote for her".

He then referred to the three states ruled by the BJP.

"In Assam, Karnataka and Uttar Pradesh, our governments have shot dead these devils like dogs. They were taken elsewhere and then again cases were filed against them. They will come here, eat, stay, and then destroy property. Do they think this is their zamindari?"

He had said once a BJP government was installed in Bengal, "We will hit them with sticks, shoot them and also send them to jail. Our governments have done exactly that. Mamata Banerjee doesn't have the guts to do anything".

However, his incendiary comments did not meet the approval of sections in the party.

Union Minister Babul Supriyo came out with a tweet slamming Ghosh and distancing the BJP from the comments.

"Very irresponsible of Dilip Da to have said what he said. It is a figment of his imagination... BJP governments in UP and Assam have never resorted to shooting people for whatever reason," he tweeted.

Supriyo's tweet was retweeted by nominated Rajya Sabha member Swapan Dasgupta, considered close to both Prime Minister Narendra Modi and Home Minister Amit Shah.

But Ghosh did not budge and aggressively asked whether the party was being run by Shah or Supriyo.

"People comment according to their understanding. What I feel is that our governments have done it, and so I said all that. If we get a chance we will also do such things," he said, sticking to his earlier comments.

Supriyo also hit back. "Just as he has remarked 'whatever Babul Supriyo has understood he has said', similarly I am saying this is Dilip da's personal opinion, and it has no connection with the party".

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