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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Agencies
August 6,2020

Ahmedabad, Aug 6: In a major incident, a fire broke out in a Covid-designated hospital in Ahmedabad killing eight coronavirus patients. The mishap occurred in the wee hours of Thursday.

All the victims were in the ICU ward, where the fire is said to have started. Officials said that they all died on the spot while 41 other patients were shifted to other hospitals following a rescue operation. One paramedic staff of the hospital who tried to douse the fire sustained burn injuries.  

Deputy Chief Minister Nitin Patel, who is also the health minister, said that primary information has revealed that fire was caused by the short circuit in the ICU ward where eight patients were under treatment. 

He said that 41 other patients were shifted to Sardar Vallabhbhai Patel hospital. The incident happened at Shrey Hospital in Navrangpura which is one of the Covid-19 designated hospitals. Over 300 patients have recovered at the hospital in the last two months.

Among the victims were five men and three women. They have been identified as Arif Mansuri, Narendra Shah, Manu Rami, Leelvati Shah, Navneet Shah, Jyoti Sindhi, Manu Rami and Ayesha Tirmizi  

Following the incident, Prime Minister Narendra Modi tweeted, "Saddened by the tragic hospital fire in Ahmedabad. Condolences to the bereaved families. May the injured recover soon. Spoke to CM @vijayrupanibjp Ji and Mayor
@ibijalpatel Ji regarding the situation. Administration is providing all possible assistance to the affected."

Soon after the tweet, Chief Minister Vijay Rupani ordered a probe into the matter to be conducted by Additional Chief Secretary (ACS), Home, Sangeeta Singh and ACS (Urban Development) Mukesh Puri. 

They have been asked to submit a report in three days. Meanwhile, the hospital building has been sealed for further investigation. 

The chief minister has ordered a report within three days.

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News Network
January 15,2020

Jammu, Jan 15: Fresh landslides kept the Jammu-Srinagar National Highway shut for the third consecutive day on Wednesday, leaving over 5000 vehicles stranded.

"There were four fresh landslides in Digdol and Panthiyal belts on the highway in Ramban district. The traffic on the highway remained closed for the third day today", a police officer told PTI.

On Monday, heavy rains triggered shooting of stones in Moumpassi, Digdole and Panthiyal areas, forcing a suspension of the traffic, the official said.

Snowfall in Kashmir side of the highway, including Jawahar Tunnel, since Sunday has resulted in blockade of the highway.

"No fresh traffic was allowed from Nagrota in Jammu for Kashmir", he said.

As a result of the blockade of the highway, over 5000 vehicles remained stranded at various places en route from Lakhanpur in Kathua district to Banihal belt of Ramban district and also on the Kashmir side.

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News Network
July 29,2020

Bengaluru, Jul 29: The Karnataka High Court’s division bench of Chief Justice Abhay Oka and Justice H P Sandesh today rejected an application that wanted Amulya Leona’s case to be transferred from Karnataka Police to the National Investigation Agency (NIA).

The bench, while observing that extraordinary jurisdiction can’t be exercised for transferring the case to the NIA, asked “What is so special that investigation should be transferred to NIA?”

The court, in its previous hearing, had questioned the maintainability of the petition seeking transfer of the sedition case against Leona to the NIA.

According to the petitioner, advocate Pavana Chandra Shetty, the case is a serious matter against national integration and unity and has not been investigated properly by the police. The state police also failed to file the chargesheet within 90 days, he said, and also asked for cancellation of her bail.

The bench asked the petitioner as to how a bail, already granted to a person, can be cancelled. “Is it not the indefeasible right of the accused to be released on bail if chargesheet is not filed within stipulated time? How can you make a prayer for cancellation of bail?”  the Court asked.

The counsel for the petitioner also stated that in cases of a cognizable offence, when the chargesheet is purposely not filed within the stipulated time, the matter will have to transferred to the appropriate authority.

The court responded to his contention by asking him how could the court override law and cancel the bail. “Where is the question of cancellation of bail? Can we override the law and say that bail should be cancelled?” said the bench.

Advocate Vishal Raghu had filed the petition for transfer of Leona’s case, who was accused of raising pro-Pakistan slogans at an anti-CAA rally on February 20 at Freedom Park. The advocate had blamed the probe team for not filing a chargesheet on time and has asked the state government to approach the higher court against bail granted to Leona.

Bengaluru student Amulya Leona was charged with sedition for her actions in the presence of All India Majlis-e-Ittehad-ul-Muslimeen chief Asaduddin Owaisi. She was arrested by the Bengaluru police for allegedly shouting ‘Pakistan Zindabad’ slogans at an anti- CAA Protest in Bengaluru in February this year. On June 11, she was granted conditional bail by the Bengaluru civil court.

Her bail plea was earlier rejected by a Bengaluru court, after she had spent a three-month period in jail, stating that she may abscond if she is released. The sessions judge Vidhyadhar Shirahatti had also stated that if the petitioner is granted bail, she may abscond and may involve in similar offence which affects peace at large and hence her petition is liable to be rejected. The court had also noted that Amulya Leona is an influential person who may threaten and influence the witness and hamper the case in case of the prosecution and will abscond if released on bail.

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