Going by the shocking statistics related to the State Bank of India (SBI), the bank has earned more revenue by levying penalties on Accounts that did not maintain minimum Monthly Average Balance (MAB) than from its net profits.
Reportedly, SBI collected a whopping Rs 1,771 crore during April-November 2017 by slapping charges on the accounts that did not maintain the minimum balance as per the bank’s guidelines. It is reported that the amount is more than the bank’s July-September quarter net profit and nearly half of its net profit from April-September period, two quarters.
The figures have shocked the netizens who took to social platforms to express their ire against the bank. Some alleged that the bank, the country’s largest, was looting public with such penalties. SBI has a total of 42 crore savings bank accounts of which 29 crore accounts come under the threat of levy of charges.
Recent Random Post:
