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Rs 5,000 cr snatched by banks in a year for not maintaining minimum balance

Agencies
August 6, 2018

New Delhi, Aug 6: Twenty-one public sector banks and three major private sector lenders collected ₹ 5,000 crore from customers as minimum balance penalty in financial year 2017-18, according to banking data. 

State Bank of India, which suffered a staggering net loss of ₹ 6,547 crore during 2017-18, led the pack in penalising its customers for not maintaining minimum balance. It accounted for nearly half the amount collected as minimum balance penalty.

After SBI, the largest amount of minimum balance penalty during 2017-18 was collected by HDFC Bank Ltd. It charged its customers ₹ 590.84 crore, which is lower than ₹ 619.39 crore in 2016-17, the data revealed.

Axis Bank collected ₹ 530.12 crore in the last fiscal while ICICI Bank charged ₹ 317.6 crore.

SBI was charging the penalty on failure to maintain monthly average balance requirement till 2012 and re-introduced it on 1 April 2017 and reduced the charges with effect from 1 October 2017.

According to norms set by the Reserve Bank of India (RBI), banks are permitted to levy service/miscellaneous charges. Customers opening accounts under Basic Savings Bank Deposit (BSBD) scheme as well as Pradhan Mantri Jan Dhan Yojna are not required to maintain any minimum balance.
 

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News Network
July 27,2020

New Delhi, Jul 27: India's COVID tally on Monday crossed 14 lakh mark with the highest single-day spike of 49,931 cases reported in the last 24 hours, said the Union Ministry of Health and Family Welfare.

The total COVID-19 cases stand at 14,35,453, including 4,85,114 active cases, 9,17,568 cured/discharged/migrated, it added.

With 708 deaths in the last 24 hours, the cumulative toll reached 32,771.

India had crossed 13 lakhs COVID-19 cases on July 25.

Maharashtra has reported 3,75,799 coronavirus cases, the highest among states and Union Territories in the country.

A total of 2,13,723 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,30,606 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 5,15,472 samples were tested for coronavirus on Sunday and overall 1,68,06,803 samples have been tested so far.

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News Network
June 29,2020

New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.

According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.

Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.

The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR). 

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News Network
April 7,2020

New Delhi, Apr 6: Kerala Governor Arif Mohammad Khan on Monday complimented his counterparts in other states for voluntarily accepting a 30 per cent cut in their salaries and allowances in the fight against coronavirus.

Talking to the news agency over the phone, Khan referred to the announcement in this regard made by the Centre on Monday and said he had already written to President Ram Nath Kovind, asking him to reduce his salary and allowances by 30 per cent.

"It is everyone's duty to do this when the country is fighting the pandemic. Even if it is more than 30 per cent of the salary cut, we have to accept it, he said.

The country is fighting an invisible enemy and it is everybody's duty to contribute to meet the challenge, the governor said.

Khan appreciated the LDF government in Kerala and Chief Minister Pinarayi Vijayan for taking "proactive" measures in containing spread of coronavirus.

"The government is keeping me informed about the measures taken by it and I on my part give them suggestions and ideas to tackle the menace," he said.

In Kerala, "We have a capable and competent government and over 80 per cent of patients in the state are those Indians who returned from abroad or foreigners. The community spread cases are very less, he said.

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