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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coastaldigest.com news network
May 21,2020

Mangaluru, May 21: The third repatriation flight from Dubai to Mangaluru will operate on Saturday, May 23, confirmed union minister D V Sadananda Gowda. This will operate via Bengaluru.

The first and second direct repatriation flights from Dubai had landed at Mangaluru International Airport on May 12 and May 18. There were more than 175 passengers on board each of these flights.

On May 23, Air India flight (IX 0384) will take off at Dubai at 4:30 p.m. and land at Bengaluru at 9:50 p.m. It will again take off at 10:50 p.m. and land at Mangaluru at 11:45 p.m.

However, ministry of civil aviation sources said that no final decision has been taken about carrying passengers by these flights to Mangaluru.

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News Network
February 4,2020

Bengaluru, Feb 4: Congress leader and former minister U T Khader today demanded an “objective” probe by an IAS officer into the sedition case the police have booked against a school in Bidar for a play students staged on the controversial Citizenship (Amendment) Act.

On January 26, the Shaheen Primary and High School was charged by the Bidar New Town police with sedition on January 26. This was based on a complaint by an Akhila Bharatiya Vidyarthi Parishat (ABVP) worker who claimed that the play staged by the students on January 21 “insulted” Prime Minister Narendra Modi.

On January 30, the police arrested Nazbunnisa, the mother of an 11-year-old student and Fareeda Begum, a head-teacher in the school.

“This shows how today in India and in Karnataka, the BJP is looking to suppress the voices of people. Sedition cases have no value anymore,” UT Khader told a news conference.

“When a complaint on sedition is filed, action must be taken after obtaining legal opinion. But today, a written complaint by any BJP worker is enough to brand someone as anti-national. Even schoolchildren aren’t spared,” Khader said.

“An IAS officer should be appointed to objectively probe this. If something is found, then the police can continue the investigation,” Khader said. “But the government should pressurize the police. We’ve seen what happened in Mangaluru,” he said, referring to the police shootout that killed two people during an anti-CAA protest. “I know it’s difficult for officials to resist political pressure, but a line must be drawn. All officials must come together and send the government a message, that they will not be bogged down to pressure that’s against societal interests,” he added.

Khader said he lacked faith in the BJP government. “That’s because the BJP tends to give election tickets to those who plant bombs,” Khader said, citing the example of terror-accused Bhopal MP Pragya Thakur. “Even the Aditya Rao case (Mangaluru airport bomb planter)...we don’t know what’s happening. They just want to hush it up,” Khader charged.

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News Network
February 22,2020

Bengaluru, Feb 22: Thanks to joint efforts by the Protector of Emigrants in Bengaluru and Indian Embassy in Qatar, a 26-year-old woman from Karnataka who had been kept in confinement in Qatar has been rescued and brought back to India.

Anupama (name changed) from Holenarasipura in Hassan district arrived in Bengaluru on Thursday night. She was allegedly locked up in a house for 14 days, restrained from using a mobile and wasn't fed. There were three other women with her. On the midnight of February 12, they broke the window panes and fled before contacting local police.

Anupama, a diploma graduate in computer science, was jobless and her friend working in Kuwait suggested she try for a job abroad. She contacted an agency based in Chikkamagaluru which offered her a nanny's job in Qatar. After document verification, the agency demanded she pay Rs 2 lakh but she said she didn't have that kind of money.

The agency sent Anupama on a visitor visa but told her if questioned by immigration officials, she must claim she was visiting her sister. They also gave her a return ticket.

As Anupama was travelling abroad for the first time, she said she was ignorant about several things.

On January 12, Anupama left Bengaluru. But as she reached Qatar, all her documents, including passport, were confiscated by the agency. Her return ticket was cancelled and she was sent to a house to work as babysitter-cum-cook for Rs 30,000. She lived with four other maids in the same house, where they were made to work for 16-18 hours a day.

"I used to wake up around 5.30am every day and had to prepare breakfast for the employers by 6.30am. My work would end around 11pm every day. We never even got time to eat," Anupama told media on Friday. Four days into work, Anupama's nose started bleeding. However, the employers cared little and insisted she continue to work. After 18 days, she requested her employers that she be relieved.

The agency sent her to a house where three women were already present and locked her up with them. "They used to give us a glass of raw rice, an onion, tomato and potato to cook for ourselves. While we got rice every day, we had to use the vegetables for three days. We were not supposed to use mobiles or go out. Two people were monitoring us," she recalled.

Anupama and the others decided to approach police but for that they needed to escape. Around 1.30am on February 12, the four women managed to break window panes and jumped out. They ran for more than a kilometre and managed to approach police, who summoned the agency and got the women to speak to their families.

Anupama called her brother-in-law, who approached the Protector of Emigrants office in Koramangala, Bengaluru. Shubham Singh, PoE in Bengaluru, said they took up the issue with the Indian Embassy in Qatar, which immediately got in touch with Qatar police. Anupama said, "We were kept in prison for a couple of days and were sent to the deportation centre later."

Meanwhile, the Indian embassy got the agency to return the women's documents. However, the agents did not pay their salaries. Two of the women were sent to Hyderabad and the third to Kerala. On Friday, Anupama met Singh at his office, where her statement was recorded. "We have started the process of initiating action against the agency in India," he said.

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