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
March 10,2020

Tehran, Mar 10: Twenty-seven people have died from methanol poisoning in Iran after rumours that drinking alcohol can help cure the novel coronavirus infection, state news agency IRNA reported on Monday. The outbreak of the virus in Islamic republic is one of the deadliest outside of China, where the disease originated.

Twenty have died in the southwestern province of Khuzestan and seven in the northern region of Alborz after consuming bootleg alcohol, IRNA said.

Drinking alcohol is banned in Iran for everyone except some non-Muslim religious minorities. Local media regularly report on lethal cases of poisoning caused by bootleg liquor.

A spokesman for Jundishapur medical university in Ahvaz, the capital of Khuzestan, said 218 people had been hospitalised there after being poisoned.

The poisonings were caused by "rumours that drinking alcohol can be effective in treating coronavirus," Ali Ehsanpour said.

The deputy prosecutor of Alborz, Mohammad Aghayari, told IRNA the dead had drunk methanol after being "misled by content online, thinking they were fighting coronavirus and curing it." If ingested in large quantities, methanol can cause blindness, liver damage and death.

Iran has been scrambling to contain the spread of the COVID-19 illness which has hit all of the country's 31 provinces, killing 237 people and infecting 7,161.

According to IRNA, 16 out of 69 confirmed cases have died of coronavirus infection in Khuzestan as of Sunday.

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coastaldigest.com news network
July 24,2020

Bengaluru, Jul 24: A government doctor who was turned away by three private hospitals because he could not produce a coronavirus test result passed away today in Bengaluru. Dr Manjunath, who was a frontline COVID-19 doctor, was allegedly turned away by hospitals when he was extremely ill and struggling to breathe.

Dr Manjunath worked in the state Health and Family Welfare department and was based in Ramanagara district, around 50 km from Bengaluru.

D Randeep, a Special Officer with the Bengaluru municipal body BBMP, said that the hospitals that had refused to admit Dr Manjunath would be reported to the health department.

In June-end, Dr Manjunath went to Rajashekhar Hospital in JP Nagar, BGS Global Hospital in Kengeri and Sagar hospital in Kumaraswamy Layout. All three demanded to see his COVID-19 test result but those were still not in at the time, according to his family. His brother-in-law Nagendra is also a doctor with BBMP and in charge of allotting hospital beds, yet he was completely helpless when it came to his own relative.

He was finally admitted to Sagar hospital on June 25 when his family sat in protest on the footpath outside the Dayananda Sagar campus. He was placed on ventilator and later shifted to the Bangalore Medical College and Research Institute, where he died earlier today. The hospital says Dr Manjunath was discharged on July 9 because he wanted plasma therapy.

Six members of his family, including a 14-year-old, tested COVID-19 positive. Most of them have recovered.

Bengaluru has seen several cases of patients being turned away from hospitals in the city. Hospitals say they need Covid test results to know whether to admit patients in the coronavirus ICU or in the general section and to understand treatment protocol.

Mr Randeep said hospitals have been instructed to admit patients even without such a certificate. Notices have been sent to hospitals that fail to comply. The OPD of two private hospitals was sealed for 48 hours when they refused to admit a patient.

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coastaldigest.com news network
August 7,2020

Udupi, Aug 6: Three people including police personnel entered a well and rescued an elderly woman who had accidentally fallen into Udupi on Thursday.

A police sub-inspector and two others got down into a well and rescued the elderly woman, who accidentally fell into well at near her home at Kukkikatte.

The locals immediately alerted to police and fire and rescue personal.

Udupi town police sub-inspector Sadashiva Govroji, fire and rescue staff Vinayaka and a local Auto-driver Rajesh Nayak got into the well and brought the woman out safely.

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