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 21,2020

India on Sunday witnessed annual solar eclipse or 'surya grahan' 2020, the third eclipse even for this year after first two lunar eclipses took place in January and June and the last annual solar eclipse of this decade.

The solar eclipse started from around 9 a.m. across the Indian map as the Sun, the Moon, and the Earth came in a straight line, and the country witnessed the 'deepest' annular solar eclipse in over a century.

Astrologers said it a fourth super rare hybrid eclipse which is a mix between an annular and total solar eclipse.

Areas like Hyderabad, Chennai, Bhubaneshwar, Kolkata, Lucknow, Mumbai, Delhi, Patna, Shillong and more witnessed a partial phase of the annular solar eclipse from 9 a.m.

In the eclipse, the distance of the Moon and Earth will be larger than usual which means the moon will not be able to cover up the sun fully and will leave out the borders of the sun - giving an appearance of a "Ring of Fire".

Press Information Bureau in a tweet informed that it is the last annular solar eclipse in India of this decade.

People can catch glimpse of the partially covered sun between 10 a.m. and 2.28 p.m. as per the time differing as locations in India. The eclipse will continue for over three hours covering 84 per cent Sun.

There are three types of solar eclipses - total, partial, and annular.

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News Network
January 17,2020

Bengaluru, Jan 17: Karnataka Health Minister and BJP leader B Sriramulu on Friday claimed that Congress supports Social Democratic Party of India (SDPI) and Popular Front of India (PFI) to disturb peace in the state.

His statement came after the arrest of 6 SDPI supporters in connection with an attack on a BJP-RSS follower during a pro-CAA rally held in December last year.

"The Congress party 100 per cent supports SDPI and PFI. Whenever they do not get the power, they try to disturb the peace with the support of SDPI and PFI. I will propose in Karnataka Assembly session to ban these organisations in Karnataka. We will discuss this matter," Sriramulu told ANI.

"We had already demanded for the ban on these organisations in Karnataka when I was an MP. Shobha Karandlaje, Yediyurappa and I had met Rajnath Singh, the then Home Minister in Delhi and we had given a memorandum to ban SDPI and PFI," he added.

A case has been registered against arrested SDPI supporters under relevant Sections of the Indian Penal Code (IPC). Bengaluru Police is constituting a new Special Investigation Team (SIT) to handle this case.

"There were 6 people belonging to SDPI, who were here to carry out attacks on leaders supporting CAA. These people were being paid Rs 10,000 from their handlers to create ruckus here. Now this will be handled by the Anti-Terror unit," said Bhaskar Rao, Bengaluru Commissioner of Police.

Earlier today, Karnataka Minister Jagadish Shettar called for a ban on SDPI.

"SDPI always denies their involvement but it has been proved now. I welcome the police's action. Their organisation should be banned as they have always been involved in anti-social activities and government of India should take very serious note of this," Shettar told ANI here.

Comments

sam
 - 
Sunday, 19 Jan 2020

and RSS/bajrang dall creating peace??

Abdul Gaffar Bolar
 - 
Saturday, 18 Jan 2020

What about Ballari Reddy? You reddys from Andra Pradesh making trouble in Karnataka.

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News Network
April 18,2020

Bengaluru, Apr 18: Amid fears that people from the unorganised sector are running out of cash to meet their daily expenses, the Karnataka government said there was no data available for such labourers, who can be provided financial assistance under the direct benefit transfer (DBT) scheme.

"The government does not have data of people in the unorganised sector such as drivers, farmers, domestic help and others. If we have to deposit directly into their account, we need data..," State Labour minister A Shivaram Hebbar told reporters.

The minister said a situation borne out of the COVID-19, where the entire nation has been lockdown was never anticipated.

To him, the pandemic has given an opportunity to gather information about the unorganised sector.

"This COVID-19 has taught the department and the workers a lesson that we should be prepared for a situation like this. We have learnt that all the information about labourers should be available with the labour department," Hebbar conceded.

The minister opined that the department should have had the list during the good times but nobody bothered to have it.

"During the good times nobody bothered about it -- neither they (beneficiaries) asked for it, nor we thought of it.," Hebbar said.

Now that the pandemic has struck, the government is focusing only on not letting anyone starve to death.

A three-level preparation has been made -- at the village level, Taluk level and the city level, the minister said.

Village anganwadis have been stuffed with food items to be cooked for the needy, whereas in Taluk level, government hostels have been turned into shelters for the labourers, he said, noting that lakhs of philanthropists in cities have come forward to feed the people from unorganised sector.

"The basic objective of our government is that no one should starve to death. The issue of organised or unorganised sector comes next," he explained.

On the fear of large-scale retrenchment, the minister said notices have been served on all the industries that no one should be expelled from the job.

However, Hebbar underlined that the industrialists today are as much in distress as the workers and his department was taking into account everyone's concern.

A decision will be taken in this connection by the government in the next two days, to provide assistance to small enterprises to keep them afloat.

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