SBI collects Rs.235 crore in last 3 months for not maintaining the minimum balance

Indore Report:  The State Bank of India (SBI) has collected Rs 235.06 crore as a fine from 388.74 lakh accounts for not maintaining the minimum balance prescribed by the SBI in just 3 months, an RTI query has revealed.

“An amount of Rs 235.06 crore has been realised from our 388.74 lakh accounts which did not maintain monthly average balance in the first quarter ended June 30,” SBI said in its reply to an application filed by Neemuch-based RTI activist Chandrashekhar Gaud.

Mumbai-based Deputy General Manager rank officer of the banks operations department has provided all this data to us.

However, the SBI, which is country’s top bank, did not disclose the categories of accounts on which the fine has been imposed for non-compliance with its minimum balance policy, the activist said.

Gaud requested the state-run lender to review its policy of levying penalty for non-compliance with its minimum balance requirements in the interest of the account holders- particularly the poor.

TheYouth analysed the case and found that the money was collected mostly from poor people who could not afford to maintain even the minimum balance in their accounts. Needless to say, if the victims were from well-to-do families, why would they not keep the minimum amount? Nobody wants to pay fine.

Article Source: PTI

Mrityunjay Chaubey is the editor in chief at The Youth. He hails from Indore. Before The Youth, He worked for Indian Defence News as a columnist and was a reporter at two other sports portals.