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
April 10,2020

The Indian government has advised expats in the UAE and the Gulf against travel till flight curbs to their home country are lifted. This follows the clamour from some quarters for special repatriation flights to India.

A senior Indian External Affairs Ministry (foreign ministry) official said Indian citizens are safe in the countries they reside in. Prime Minister Narendra Modi had spoken to leaders of Gulf countries who assured him of their welfare, the Indian foreign ministry said. Meanwhile, the Minister of State for External Affairs, V Muraleedharan,, according to a Malayalam news report, also ruled out special flights.

Responding to a question from Khaleej Times on blue-collar workers' angst following job losses, Vikas Swarup, Secretary West in the foreign ministry said, "Insofar as repatriation is concerned, as you are aware, government has advised against all travel, and Indians have been told to stay where they are, As and when the (21-day) lockdown is lifted, and normal civil aviation resumes, Indians wishing to come back will be able to do so."

According to the latest data from the Indian foreign affairs ministry, there are 1,400 cases of Covid-19 infections among Indian expats in the Gulf region.

Swarup said infected Indians are being treated and kept in isolation in the UAE and Gulf. "Our missions have established contact with all the community leaders and the situation is under control," he said.

Cargo flights operating as usual  

Cargo flights carrying fruits and vegetables from India to the Gulf have not been disrupted and would continue as usual, the diplomat said. "We are also helping with medicines based on the requests of Gulf countries," he said.

Eight million India expats live in the Gulf, including close to three million in the UAE. They account for more than 60 per cent of remittances to their home country.

India's long lockdown of 21 says ends next Tuesday. Indications are that it could be extended. Some states like Orissa have already stretched it till the end of the month and others are expected to follow suit.

The government believes that the disease is now concentrated in 75 districts, and the focus should be on these areas to manage and contain the virus.

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News Network
January 19,2020

Chikkamagaluru, Jan 19: A Chikkamagaluru court on Saturday were sentenced to death two persons convicted of rape and murder 18-year-old girl in 2016.

Pradeep M, 32, and Santhosh, 24, of Vykuntapura in Sringeri taluk raped a 18-year-old girl while she was returning home from college on Februrary 16, 2016.

The crime in which a first year B.Com student who was walking towards her home in a footway was stopped, raped and murdered by the duo. The killers then had dumped her body in a discarded well.

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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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