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State Bank of India's Paisa Vasool Scheme
By: Tupaki Desk | 7 Sep 2017 7:37 AM GMT
State Bank of India (SBI) began levying hefty penalty on account holders who aren't maintaining minimum balance since the beginning of 2017-18 financial year. This exercise is fetching huge revenue for the largest banking network in the country.
RTI Activist Chandrashekhar Goud sought information about the revenue generated by SBI through penalty over non-compliance with minimum monthly balance requirements. In response to the RTI Query, A Mumbai-based Deputy General Manager of the top bank revealed that SBI earned Rs 235.06 crore by imposing fine on 388.74 lakh accounts for lack of minimum balance in the First Quarter of the current financial year, ended on June 30th. However, SBI didn't reveal the categories of accounts on which penalty has been imposed.
The move by SBI is mostly affecting the poor and middle class in the country. A lot of people are unable to maintain minimum balance and all of them has to bear the burden of fine. Gujarat Congress Chief Bharat Solam expressed his displeasure on SBI by questioning, 'Is it like imposing fine on people who remained poor?'.
RTI Activist Chandrashekhar Goud sought information about the revenue generated by SBI through penalty over non-compliance with minimum monthly balance requirements. In response to the RTI Query, A Mumbai-based Deputy General Manager of the top bank revealed that SBI earned Rs 235.06 crore by imposing fine on 388.74 lakh accounts for lack of minimum balance in the First Quarter of the current financial year, ended on June 30th. However, SBI didn't reveal the categories of accounts on which penalty has been imposed.
The move by SBI is mostly affecting the poor and middle class in the country. A lot of people are unable to maintain minimum balance and all of them has to bear the burden of fine. Gujarat Congress Chief Bharat Solam expressed his displeasure on SBI by questioning, 'Is it like imposing fine on people who remained poor?'.
