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
May 10,2020

May 10: Azaan is an integral part of the faith, not the gadget, says veteran writer-lyricist Javed Akhtar, asking that the Islamic call to prayer on loudspeakers should be stopped as it causes "discomfort" to others.

In a tweet on Saturday, Akhtar wondered why the practice was 'halaal' (allowed) when it was, for nearly half a century in the country, considered 'haraam' or forbidden.

"In India for almost 50 years Azaan on the loud speak was Haraam. Then it became Halaal and so halaal that there is no end to it, but there should be an end to it. Azaan is fine but loud speaker does cause of discomfort for others. I hope that atleast this time they will do it themselves (sic)," Akhtar tweeted.

When a user asked his opinion on loudspeakers being used in temples, the 75-year-old writer said everyday use of speakers is a cause of concern.

"Whether it's a temple or a mosque, if you're using loudspeakers during a festival, it's fine. But it shouldn't be used everyday in either temples or mosques.

"For more than thousand years Azaan was given without the loud speaker. Azaan is the integral part of your faith, not this gadget," he replied.

Earlier in March, Akhtar had supported the demand to shut mosques amid the coronavirus outbreak in the country, saying even Kaaba and Medina have been closed due to the pandemic.

He had also appealed to the Muslim community to offer prayers from home in the holy month of Ramzan, which began on April 24.

"I request all the Muslim brothers that now that Ramzan is coming, please say your prayers but make sure that this doesn't cause problems to anyone else. The prayers that you do in the mosque, you can do that at home. According to you, the house, the ground, this all has been made by Him. Then you can do your prayers anywhere," he had said.

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Ram Puniyani
February 4,2020

As democracy is seeping in slowly all over the world, there is an organization which is monitoring the degree of democracy in the individual countries, The Economist Intelligence Unit. As such in each country there are diverse factors which on one hand work to deepen it, while others weaken it. Overall there is a march from theoretical democracy to substantive one. The substantive democracy will herald not just the formal equality, freedom and community feeling in the country but will be founded on the substantive quality of these values. In India while the introduction of modern education, transport, communication laid the backdrop of beginning of the process, the direction towards deepening of the process begins with Mahatma Gandhi when he led the non-cooperation movement in 1920, in which average people participated. The movement of freedom for India went on to become the ‘greatest ever mass movement’ in the World.

The approval and standards for democracy were enshrined in Indian Constitution, which begins ‘We the people of India’, and was adopted on 26th January 1950. With this Constitution and the policies adopted by Nehru the process of democratization started seeping further, the dreaded Emergency in 1975, which was lifted later restored democratic freedoms in some degree. This process of democratisation is facing an opposition since the decade of 1990s after the launch of Ram Temple agitation, and has seen the further erosion with BJP led Government coming to power in 2014. The state has been proactively attacking civil liberties, pluralism and participative political culture with democracy becoming flawed in a serious way. And this is what got reflected in the slipping of India by ten places, to 51st, in 2019. On the index of democracy India slipped down from the score of 7.23 to 6.90. The impact of sectarian BJP politics is writ on the state of the nation, country.

Ironically this lowering of score has come at a time when the popular protests, the deepening of democracy has been given a boost and is picking up with the Shaheen Bagh protests. The protest which began in Shaheen Bagh, Delhi in the backdrop of this Government getting the Citizenship amendment Bill getting converted into an act and mercilessly attacking the students of Jamia Milia Islamia, Aligarh Muslim University along with high handed approach in Jamia Nagar and neighbouring areas.  From 15th December 2019, the laudable protest is on.

It is interesting to note that the lead in this protest has been taken by the Muslim women, from the Burqa-Hijab clad to ‘not looking Muslim’ women and was joined by students and youth from all the communities, and later by the people from all the communities. Interestingly this time around this Muslim women initiated protest has contrast from all the protests which earlier had begun by Muslims. The protests opposing Shah Bano Judgment, the protests opposing entry of women in Haji Ali, the protests opposing the Government move to abolish triple Talaq. So far the maulanas from top were initiating the protests, with beard and skull cap dominating the marches and protests. The protests were by and large for protecting Sharia, Islam and were restricted to Muslim community participating.

This time around while Narendra Modi pronounced that ‘protesters can be identified by their clothes’, those who can be identified by their external appearance are greatly outnumbered by all those identified or not identified by their appearance.

The protests are not to save Islam or any other religion but to protect Indian Constitution. The slogans are structured around ‘Defence of democracy and Indian Constitution’. The theme slogans are not Allahu Akbar’ or Nara-E-Tadbeer’ but around preamble of Indian Constitution. The lead songs have come to be Faiz Ahmad Faiz’s ‘Hum Dekhenge’, a protest against Zia Ul Haq’s attempts to crush democracy in the name of religion. Another leading protest song is from Varun Grover, ‘Tanashah Aayenge…Hum Kagaz nahin Dikhayenge’, a call to civil disobedience against the CAA-NRC exercise and characterising the dictatorial nature of the current ruling regime.

While BJP was telling us that primary problem of Muslim women is Triple talaq, the Muslim women led movements has articulated that primary problem is the very threat to Muslim community. All other communities, cutting across religious lines, those below poverty line, those landless and shelter less people also see that if the citizenship of Muslims can be threatened because of lack of some papers, they will be not far behind in the victimization process being unleashed by this Government.

While CAA-NRC has acted as the precipitating factor, the policies of Modi regime, starting from failure to fulfil the tall promises of bringing back black money, the cruel impact of demonetisation, the rising process of commodities, the rising unemployment, the divisive policies of the ruling dispensation are the base on which these protest movements are standing. The spread of the protest movement, spontaneous but having similar message is remarkable. Shaheen Bagh is no more just a physical space; it’s a symbol of resistance against the divisive policies, against the policies which are increasing the sufferings of poor workers, the farmers and the average sections of society.

What is clear is that as identity issues, emotive issues like Ram Temple, Cow Beef, Love Jihad and Ghar Wapasi aimed to divide the society, Shaheen Bagh is uniting the society like never before. The democratisation process which faced erosion is getting a boost through people coming together around the Preamble of Indian Constitution, singing of Jan Gan Man, waving of tricolour and upholding the national icons like Gandhi, Bhagat Singh, Ambedkar and Maulana Azad. One can feel the sentiments which built India; one can see the courage of people to protect what India’s freedom movement and Indian Constitution gave them.

Surely the communal forces are spreading canards and falsehood against the protests. As such these protests which is a solid foundation of our democracy. The spontaneity of the movement is a strength which needs to be channelized to uphold Indian Constitution and democratic ethos of our beloved country.

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News Network
May 3,2020

Bengaluru, May 3: Renowned Kannada poet KS Nissar Ahmed passed away on May 3.

Winner of several awards including Karnataka Sahitya Akademi Award for Poetry, Rajyotsava Award, Padma Shri among others, Ahmed died at the age of 84

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