OMG! SBI collected Rs 1771-cr charges from below minimum balance accounts in April-Nov

News Network
January 2, 2018

The below minimum balance in your account is indeed a bonanza for the banks. According data provided by the finance ministry, India's largest lender State Bank of India, from April to November in 2017, had collected a whopping Rs 1,771 crore as charges from customers who did not maintain their minimum monthly average balance (MAB) in their accounts.

It has been learnt that the amount is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit from April to September.

SBI did not collect any money from levy of charges for non-maintenance of MAB during the 2016-17 financial year. The charges were re-introduced after a gap of five years during the current fiscal. The bank has a total of 42 crore savings bank accounts of which 13 crore are Basic Savings Bank Deposits Accounts and Pradhan Mantri Jan Dhan Yojana accounts, both categories exempted from levy of such charges.

SBI yesterday reduced the base rate and benchmark prime lending rates (BPLR) by 30 basis points each, which will benefit nearly 80 lakh customers on the old pricing regime. The nation’s largest lender revised down the base rate to 8.65 per cent for existing customers from 8.95 per cent, while the BPLR is down from 13.70 per cent to 13.40 per cent. The bank however did not change the marginal cost of funds-based lending rate (MCLR) which would have brought down the cost for all borrowers. The one-year MCLR of the bank stands unchanged at 7.95 per cent. The new rates will be effective yesterday, the bank said in a statement.

“We had done the rate review in the last week of December, and based on whatever deposits rates we had, our base rate was brought down by 30 basis points to 8.65 per cent now,” managing director for retail and digital banking, PK Gupta told reporters in a concall. Nearly 80 lakh customers who are on the old lending rate regimes and have not moved to MCLR, will be benefited from this reduction. Banks review MCLR on a monthly basis, while the base rate revision happens once a quarter.

Other banks

After SBI, Punjab National Bank recorded the highest collection of Rs 97.34 crore through levy of such charges during the April-November period followed by Central Bank of India’s Rs 68.67 crore and Canara Bank’s Rs 62.16 crore.

Punjab and Sind Bank is the only state-run lender which did not levy any charges during April-November and in 2016-17.

Comments

weenuji
 - 
Wednesday, 3 Jan 2018

SBI apart from MAB fee of rs 1771 cr had earned 42-13 39 cr accounts less about 3 cr account not maintained minimum ie 36 crores. For april-sep min bal was 5000/ considering rural semi urban an avg balance with SBi would be 3000/-. So 36X3000 108000cr was minimum balance and a fixed amount. This fixed amount would have at least earned 6 interest (lending rate >12 ), less Sb interest 4 paid. minimum 2 on 108000cr pocked by SBI. 108000x2/100x7/12 1260 cr. So SBI had pocked in most conservative and simple estimation overall 1771+1260 3031 cr money of SBI account holders

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News Network
November 30,2025

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Udupi: The pontiffs of Sri Paryaya Puttige Mutt, the sacred seat of Jagadguru Shrimad Madhvacharya Moola Samsthanam, have submitted a proposal to the Prime Minister seeking comprehensive development for Udupi district. 

Proposal for International Airport

A key request is the establishment of an international airport. Highlighting that around 1,000 acres of land are available and suitable, the pontiffs noted that the existing Mangalore Airport provides limited international connectivity. They suggested the airport be developed under a Public-Private Partnership (PPP) or as a Greenfield Airport to boost trade, education, healthcare, and spiritual tourism.

Metro and Rapid Transit Connectivity

The proposal also calls for Metro Rail or Rapid Transit between Mangaluru and Udupi. The 55 km coastal stretch experiences heavy daily commuter traffic, causing congestion. The district administration is ready to prepare an initial project report for a Mass Rapid Transit corridor and requested inclusion under national urban mobility programmes to ensure safe, green, and time-efficient regional transport.

Port and Coastal Development

The pontiffs urged the development of an international-standard port with a cruise terminal along Udupi’s coast. They also requested fast-tracking of pending coastal tourism projects and revising Coastal Regulation Zone (CRZ) norms to encourage sustainable infrastructure and hospitality investment.

IT, AI and Technological Infrastructure

Support was sought for an IT and AI Innovation Park with incubation facilities under Digital India and Startup India initiatives. The proposal also emphasized the need for strengthened data security and cloud computing infrastructure to boost India’s technological independence.

Sports and Education Initiatives

The pontiffs requested national sports status for Kambala, along with financial and infrastructure support. They also sought the establishment of an AIIMS in Udupi, a new IIT campus, and approval for an IIM to promote higher education in the district.

Representation to the Prime Minister

Sri Sugunendra Tirtha Pontiff and Sri Sushrendra Tirtha Swamiji represented the pontiffs in submitting the comprehensive development proposal to the Prime Minister during his recent visit.

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News Network
November 29,2025

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New Delhi: Karnataka chief minister Siddaramaiah and deputy CM DK Shivakumar on Saturday put up a dramatic display of unity at a closely watched joint press briefing, firmly dismissing weeks of speculation about a power-sharing tussle within the Congress. With the high command nudging both leaders to sit together and settle the dust, the meeting became a political spectacle, ending with the duo declaring that there was “no confusion, no differences.”

Calling the reports of a rift “manufactured confusion,” Siddaramaiah said the talks had gone smoothly, even joking about their breakfast. “Breakfast was very good. All three of us enjoyed it,” he said. “We want to end this confusion once and for all. For local elections and for 2028, our mission is clear — Congress must return to power. There is no difference between me and DKS, not now, not before.”

He blamed the media for fuelling rumours and reiterated absolute adherence to the party leadership. “From tomorrow, let there be no confusion. What the high command says, we will follow.”

Siddaramaiah also assured that the Assembly session starting December 8 would run smoothly and vowed that Congress would take on the BJP and JD(S) “together.”

Shivakumar echoed the chief minister word for word, stressing loyalty and discipline. “People have given us a massive mandate. It is our duty to deliver,” he said. “This government was formed under Siddaramaiah’s leadership. We both have complete trust in the high command. If they tell me to wait, I will wait.”

He added that the two leaders had discussed strategy for the 2028 Assembly elections. “Whatever the CM says, I agree. We are loyal soldiers of the party. The party may be facing challenges nationally, but we will keep it strong in Karnataka.”

Shivakumar also said Siddaramaiah would soon visit his home for lunch or dinner — another symbolic gesture meant to underline their unity.

Both leaders later posted on social media describing the breakfast meeting as “productive” and focused on “Karnataka’s priorities.”

The BJP, however, rejected the show of camaraderie as “pure bunkum,” accusing Congress of trying to paper over an internal power struggle. But Siddaramaiah and Shivakumar insisted their united front would continue — and that there was “no confusion” within the state leadership.

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coastaldigest.com news network
November 28,2025

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Udupi district transformed into a sea of saffron and celebration on Friday, November 28, as Prime Minister Narendra Modi’s roadshow swept through the coastal temple town. Thousands of residents lined the streets, turning the event into a vibrant public spectacle filled with cheers, flags, and festive energy.

The procession route—from the helipad to the historic Sri Krishna Math—was decked with buntings, saffron flags, and multilayered security barricades. One of the district’s largest-ever security deployments was put in place for the high-profile visit, with over 3,000 police personnel on duty. The arrangement included ten SPs, 27 DSPs, 49 inspectors, 127 sub-inspectors, 232 assistant sub-inspectors, 1,608 constables, and 39 women staff.

Six platoons of the Karnataka State Reserve Police, six Quick Response Teams, bomb detection units, and dog squads were stationed across Udupi. Enhanced surveillance covered Adi Udupi, Bannanje bus stand, and the Sri Krishna Math parking zone, with combing operations carried out along the roadshow corridor.

At the 800-year-old Sri Krishna Math, preparations reached a ceremonial peak. Paryaya Puttige Math seer Sugunendra Teertha Swamiji said the Prime Minister would take part in the Laksha Kantha Geetha Parayana, a mass chanting of the Bhagavad Gita by one lakh devotees, and inaugurate the new Suvarna Teertha Mantapa.

“He will first offer floral tributes to saint-poet Kanakadasa and then unveil the golden covering over the Kanakana Kindi,” the seer said.

The Prime Minister will also receive a Poorna Kumbha welcome and have darshan of Lord Sri Krishna, Mukhyaprana Devaru, and the Suvarna Paduke. Union Minister Pralhad Joshi, Karnataka Governor Thaawarchand Gehlot, Minister Bairathi Suresh, Dharmadhikari D. Veerendra Heggade, and seers from the Ashta Maths are expected to join the ceremony.

Ahead of his arrival, the Prime Minister posted on X that he felt “honoured” to attend the spiritually significant gathering. “This is a special occasion that brings together people from different sections of society for a recital of the Gita. This Matha has a very special significance in our cultural life,” he wrote, noting the institution’s long-standing legacy rooted in the teachings of Sri Madhvacharya.

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