SBI collects Rs235 crore in minimum balance fine in 1st quarter

Indore: State Bank of India (SBI) has realised Rs235.06 crore as penalty from 388.74 lakh accounts for not maintaining monthly average balance in the first quarter of the current fiscal, an RTI query has revealed.

“An amount of Rs235.06 crore has been realised from our 388.74 lakh accounts which did not maintain monthly average balance in the first quarter ended 30 June,” SBI said in its reply to an application filed by Neemuch-based RTI activist Chandrashekhar Gaud.

This information was furnished by a Mumbai-based deputy general manager rank officer of the bank’s operations department, he said.

However, the country’s top bank has not revealed the categories of accounts on which the fine has been levied for non-compliance with its minimum balance requirements, the activist said.

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