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 24,2020

Geneva, Jun 24: The global cumulative count of confirmed coronavirus cases is approaching nine million, with 133,326 cases recorded over the past day, the World Health Organisation (WHO) said in its daily situation report on Tuesday.

Over the past 24 hours, 3,847 people died from COVID-19 worldwide, taking the cumulative death toll to 469,587 fatalities, according to the report.

The global case total has now reached 8,993,659.

The Americas still account for the majority of cases and deaths -- 4.4 million and 224,207, respectively.

The United States remains the country with the highest count of cases and fatalities -- 2.3 million and 119,761, respectively.

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News Network
January 25,2020

Bengaluru, Jan 25: Several women have completed a 24-hour protest here against the Citizenship Amendment Act (CAA) and are going strong to stretch it to 48 hours.

"More than a thousand women gathered on the Masjid Road at Frazer Town to denounce the CAA and National Register of Citizens (NRC)," participant and Mount Carmel College student Noor Zahira told IANS.

The women protesters extended their support to the students in Jamia Millia Islamia, the Aligarh Muslim University, the Jawaharlal Nehru University and others who were recently roughed up allegedly by police and masked goons.

Zahira, 20, said the women's protest was planned only for 24 hours but is continuing to touch 48 hours.

Starting 3pm on Thursday, the women, several of them in burqas, niqabs and hijabs, are sitting on the road just outside the Haji Sait mosque in Frazer Town in a flash protest. Though they have informed the police, they did not wait for the permission. Around 11 pm, police arrived and shut off the protesters' loud speakers.

Zahira said already four such women's anti-CAA protests were taken out in Bengaluru. Women from all ages groups have joined the protest and are sloganeering.

As the women are protesting on the road, men are guarding them standing on the opposite road, ensuring all supplies such as food and others to them, she added.

"Muslim women were not alone in denouncing the CAA... we were joined by the transgenders, Hindu women, Christian women, Dalits and others, " she said.

Some of the protesters also indulged in creative work such as composing songs against the CAA and making placards.

Though four anti-CAA women's protests happened at the Town Hall and other landmarks in Bengaluru, they were only a few hours long.

The protesting women are also showing support to women protesters at Shaheen Bagh in Delhi who were accused of demonstrating for Rs 500. However, the protest did not align anti-CAA demonstration with any political party, keeping it apolitical.

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News Network
March 12,2020

New Delhi, Mar 12: TMC MP Saugata Roy said Home Minister Amit Shah should resign for "failing" to control the riots in Delhi and demanded a judicial inquiry by a sitting Supreme Court judge.

Participating in a discussion on the violence in Delhi in Lok Sabha, Roy said the Delhi riots happened 72 years after Mahatma Gandhi was killed by a Hindu fanatic.

"Gandhiji has been murdered again in Delhi by, you know who," Roy said while addressing the Chair.

Taking on BJP MP Meenakshi Lekhi for defending BJP leaders for their controversial remarks, which he claimed instigated the violence, Roy said he has seldom heard such a communal speech ever.

Dubbing the BJP MP as "Devil's Advocate", Roy said, "She spent five minutes defending the most hated man. May I quote (William) Shakespeare and call her the Devil's Advocate?...She is the best Devil's Advocate possible. She has also been an advocate for the Delhi Police which has shown total inaction and ineptness in this whole riot in Delhi."

Thereafter Roy trained his gun at Shah, who was present in the house while the TMC MP was speaking.

He said that when the riots started on February 24, Home Minister Shah was sitting in the front row at Motera Stadium (in Gujarat) welcoming US President Donald Trump.

"When Mr. Shah should have been in Delhi Police control room, he was welcoming Mr. Trump at Motera. There was no order to the police. Then on 25th, things went out of control. Armed mobs fought with each other on the streets of Delhi," Roy said.

Demanding resignation of Shah, Roy raised questions on NSA Ajit Doval's visit to the riots-affected areas on February 26 and asked what was the Home Minister doing.

"Is it NSA's business to control ordinary law and order situation? Why was the Home Minister absent in action? There is no explanation for the same," he said.

The TMC leader said he feels bad standing face-to-face with Shah.

"He is still young, he has a good future. He should acknowledge responsibility for his failure to control or stop Delhi riots and bring peace in three days. In the name of God, go and do not stay in the Home Minister's position," Roy said, adding he is the man who could not prevent riots in Delhi, at a place 10 kilometres away from the Home Ministry.

Roy demanded a judicial inquiry into the riots by a sitting Supreme Court judge and complete rehabilitation for all the riot victims.

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