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

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 21,2020

Bengaluru, Jul 21: The total number of Covid-19 cases in Karnataka breached the 70,000 mark on Tuesday as the state reported 3,649 fresh infections, while 61 fatalities took the death toll to 1,464, the health department said.

The day also saw 1,664 patients getting discharged after recovery. Out of 3,649 fresh cases reported on Tuesday, a whopping 1,714 were from Bengaluru urban alone. As of July 21 evening, cumulatively 71,069 Covid-19 cases have been confirmed in Karnataka, which includes 1,464 deaths and 25,459 discharges, the health department said in its bulletin.

It said that out of the 44,140 active cases, 43,557 patients are in isolation at designated hospitals and are stable, while 583 are in Intensive Care Units.

Twenty-two out of 61 deaths reported on Tuesday are from Bengaluru urban, followed by five each from Dakshina Kannada, Mysuru and Dharwad, four each from Kolar and Belagavi, three each from Hassan, Tumakuru and Haveri, Bidar 2, and one each from Chikkaballapura, Chikkamagaluru, Chamarajanagara, Gadag and Vijayapura.

Most of the deceased either had a history of Severe Acute Respiratory Infection (SARI) or Influenza-like illness (ILI). Out of 3,649 cases tested positive on Tuesday, contacts of the large number of the cases are still under tracing.

Among the districts where new cases were reported, Bengaluru urban accounted for 1,714, Ballari 193, Dakshina Kannada 149, Mysuru 135, Yadgir 117, Uttara Kannada 109, Hassan 107, Kolar 103, followed by others.

Bengaluru urban district topped the list of positive cases, with 34,943 infections, followed by Dakshina Kannada 3,829 and Kalaburagi 2,966. Among discharges Bengaluru urban was on top with 7,476 discharges, followed by Kalabuagi 1,834 and Udupi 1,731.

A total of 10,64,734 samples were tested so far, out of which 43,904 were tested on Tuesday alone, the bulletin said. It said that 19,328 of the 43,904 samples tested today were rapid antigen tests.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 15,2020

Srinagar, Jan 15: The Jammu and Kashmir administration on Tuesday evening allowed mobile Internet in parts of Jammu region and broadband in establishments providing essential services, days after the Supreme Court ordered a review of the curbs imposed in the Union Territory.

The order comes into effect from January 15 and shall remain in force for seven days, a government communication said.

In a three-page order, the administration asked Internet service providers to offer broadband facility (with Mac binding) to all institutions dealing with essential services such as hospitals, banks and government offices.

In order to facilitate tourism, the broadband Internet services would be provided to hotels and tour and travel establishments, the order said.

Mac Binding essentially means to enforce a client machine to work from a particular Internet Protocol address.

"Prior to giving such facility, the service providers have been asked to install necessary firewalls and carry out white-listing of sites that would enable government websites and website dealing with essential services like e-banking," the order said.

However, all social media sites remain out of bounds. "There shall be complete restrictions on social media applications allowing peer-to-peer communication and virtual private network applications for the time being," the order said.

The institutions and government offices that are being provided Internet access shall be responsible to prevent misuse, according to the order.

It said the 2G mobile connectivity on post-paid mobiles for accessing white-listed websites including e-banking will be allowed in districts of Jammu, Samba, Kathua, Udhampur and Reasi -- all in the Jammu region.

The order said that the police has brought material relating to the terror modules operating in Jammu and Kashmir including handlers from across the border who are attempting to aid and incite people by transmission of fake news and targeted messages through use of Internet.

The relaxation came days after the Supreme Court said access to the Internet is a fundamental right under Article 19 of the Constitution.

The SC verdict had come on Friday on a batch of pleas challenging the curbs imposed in Jammu and Kashmir after the Centre's abrogation of provisions of Article 370 on August 5 last year.

The court had also asked the Jammu and Kashmir administration to review within a week all orders imposing curbs in the Union Territory.

It had asked the J-K administration to restore Internet services in institutions such as hospitals and educational places providing essential services.

The J-K administration's Tuesday communication said that in view of the Supreme Court directions, the situation has been reviewed and Internet has been opened whereever it was possible keeping in view the security consideration.

In Kashmir, 400 additional Internet kiosks will be established, besides the 900 terminals which are already operational in the Valley.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 1,2020

Bengaluru, Jul 1: The Meteorological Department has issued a yellow alert and forecasted heavy rains for three coastal districts and 12 more in the south interior Karnataka region, an official said on Tuesday afternoon.

"Thunderstorm with lightning is likely to occur at isolated places over south interior Karnataka from Tuesday to Wednesday," said a Met official.

For Bengaluru city, the Met department has forecast a generally cloudy sky with light rain for the next three days.

Coastal Karnataka -- Dakshina Kannada, Udupi and Uttara Kannada districts have been issued a yellow alert for the next two days with thundershowers and gusty winds.

Winds blowing at speed of 40-50 km per hour are expected on the coast and the Met department warned fishermen against venturing into the sea.

Meanwhile, heavy showers on Sunday night in Vijayapura district gave rise to flash floods in the Doni river and Sogali stream.

An overflowing Doni river submerged the Talikote - Hadaginal bridge, a remnant from the colonial era, and also submerged some agricultural lands. Only recently, these agricultural lands were sown with toor dal plants.

Similarly, many SSLC students also struggled to cross the bridge to reach their examination centres on Monday.

Many houses were also flooded due to the rainfall at Nalatwad and Talikote taluk. Muddebihal, Basavana Bagewadi and Sindagi taluks also witnessed heavy rainfall.

A 40-year-old farmer from Dharwad district was washed away in the Tuppari Halla stream, which is prone to flood during the monsoon season.

Likewise, a truck carrying cotton also got washed away in a stream in Yadgir district.

"There is an offshore trough and a circulation, because of which rain will continue in the coastal area. Only Malnad has not got sufficient rain this year. Probably after two days, Malnad may get some rains," Karnataka State Natural Disaster Monitoring Centre (KSNDMC) Director Srinivas Reddy said. Otherwise, entire state got normal rainfall, said Reddy, though it is not active over Malnad.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.