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
May 7,2024

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The International Criminal Police Organization (Interpol) on Monday responded to Karnataka’s Special Investigation Team (SIT) regarding a blue corner notice issued against JDS MP Prajwal Revanna.

In its response, Interpol said that all 196 member countries were alerted to identify and report if Prajwal Revanna is spotted at any port in their jurisdiction.

The Karnataka government issued a Blue Corner Notice on Sunday against Prajwal Revanna, who is facing allegations of sexual abuse by his staff members.

A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person’s identity, location or activities about a crime.

The notice was issued after the 33-year-old Hassan MP reportedly flew to Germany soon after the Karnataka State Commission for Women chairperson Nagalakshmi Chowdhary wrote to the CM to order a probe into the sexual allegations against Prajwal.

Last week, the anticipatory bail application of Prajwal Revanna was also denied by Justice Santosh Gajanana Bhat’s bench of People’s Representative Court in Bengaluru.

Earlier, his MLA father and son of former Prime Minster HD Deve Gowda, HD Revanna was remanded to Karnataka SIT custody in a kidnapping-related sex scandal case.

His arrest came after the kidnapped victim was rescued from Revanna’s close assistant Rajasekhar’s farmhouse in Kalenahalli, Hunsur Taluk after the SIT conducted the rescue operation to find her, the police said.

The abduction case was filed by the son of a woman who worked at the Revannas’ house for nearly five years. He alleged that his mother was kidnapped from her home on April 29 by Satish Babanna a relative of Revanna.

The Karnataka Sex Scandal case pertains to explicit video clips allegedly involving the 33-year-old Prajwal, grandson of JD(S) patriarch and former Prime Minister H D Deve Gowda, which went viral on social media.

Those videos began to make rounds in Hassan in recent days, following which the state government constituted a Special Investigation Team (SIT) to probe the sexual abuse allegations against the MP.

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News Network
May 11,2024

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Washington, May 11: The most powerful solar storm in more than two decades struck Earth on Friday, triggering spectacular celestial light shows from Tasmania to Britain -- and threatening possible disruptions to satellites and power grids as it persists into the weekend.

The first of several coronal mass ejections (CMEs) -- expulsions of plasma and magnetic fields from the Sun -- came just after 1600 GMT, according to the National Oceanic and Atmospheric Administration (NOAA)'s Space Weather Prediction Center.

It was later upgraded to an "extreme" geomagnetic storm -- the first since the "Halloween Storms" of October 2003 caused blackouts in Sweden and damaged power infrastructure in South Africa. More CMEs are expected to pummel the planet in the coming days.

Social media lit up with people posting pictures of auroras from northern Europe and Australasia.

"We've just woken the kids to go watch the Northern Lights in the back garden! Clearly visible with the naked eye," Iain Mansfield in Hertford, England, told AFP.

That sense of wonder was shared in Australia's island state of Tasmania.

"Absolutely biblical skies in Tasmania at 4 am this morning. I'm leaving today and knew I could not pass up this opportunity," photographer Sean O' Riordan posted on social media platform X alongside a photo.

Authorities notified satellite operators, airlines, and the power grid to take precautionary steps for potential disruptions caused by changes to Earth's magnetic field.

Elon Musk, whose Starlink satellite internet operator has some 5,000 satellites in low Earth orbit, described the solar storm as the "biggest in a long time."

"Starlink satellites are under a lot of pressure, but holding up so far," Musk posted on his X platform.

Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.

The CMEs emanated from a massive sunspot cluster that is 17 times wider than our planet. The Sun is approaching the peak of an 11-year cycle that brings heightened activity.

'Go outside tonight and look'

Mathew Owens, a professor of space physics at the University of Reading, told AFP that how far the effects would be felt over the planet's northern and southern latitudes would depend on the storm's final strength.

"Go outside tonight and look would be my advice because if you see the aurora, it's quite a spectacular thing," he said. People with eclipse glasses can also look for the sunspot cluster during the day.

In the United States, this could include places such as Northern California and Alabama, officials said.

NOAA's Brent Gordon encouraged the public to try to capture the night sky with phone cameras even if they couldn't see auroras with their naked eyes.

"Just go out your back door and take a picture with the newer cell phones and you'd be amazed at what you see in that picture versus what you see with your eyes."

Spacecraft and pigeons

Fluctuating magnetic fields associated with geomagnetic storms induce currents in long wires, including power lines, which can potentially lead to blackouts. Long pipelines can also become electrified, leading to engineering problems.

Spacecraft are also at risk from high doses of radiation, although the atmosphere prevents this from reaching Earth.

NASA has a dedicated team looking into astronaut safety and can ask astronauts on the International Space Station to move to places within the outpost that are better shielded.

Following one particularly strong flare peak, the US Space Weather Prediction Center said users of high-frequency radio signals "may experience temporary degradation or complete loss of signal on much of the sunlit side of Earth."

Even pigeons and other species that have internal biological compasses could also be affected. Pigeon handlers have noted a reduction in birds coming home during geomagnetic storms, according to NASA's Jet Propulsion Laboratory.

Officials said people should have the normal backup plans in place for power outages, such as having flashlights, batteries, and radios at hand.

The most powerful geomagnetic storm in recorded history, known as the Carrington Event after British astronomer Richard Carrington, occurred in September 1859.

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News Network
May 18,2024

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Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar and other state ministers on Saturday rubbished allegations about their role in the circulation of pen drives containing explicit videos involving Hassan MP Prajwal Revanna.

BJP leader and advocate G Devaraje Gowda, who is in custody after being arrested in a sexual abuse case and is also facing charges of video leak, on Friday alleged that Shivakumar and four other ministers are behind the circulation of the pen drives and was being fixed in false cases as he did not agree to be part of their plan.

He has even alleged that he was offered Rs 100 crore by Shivakumar to "bring a bad name" to the BJP and Prime Minister Narendra Modi, and to tarnish the image of JD(S) leader H D Kumaraswamy in Prajwal Revanna's obscene video case.

Speaking to reporters here, Shivakumar said, "Better, let him (Gowda) file a case before Lokayukta or any other agency. I think he has some problems mentally. I'm very sorry, the national and state media shouldn't have picked up such baseless allegations. A person who is in jail, how can he make such allegations? All these are baseless. I don't want to comment." 

Asked if he will be filing any defamation case against Gowda, he said, "I don't want to make any comment or speak on a person who is mentally sick. I appeal to his party people to get him a good treatment." Shivakumar also asserted that his government's commitment to get justice for women victims of the sexual abuse case, and expressed confidence about the Special Investigation Team's (SIT) ongoing probe.

While being taken from court in Hassan, Gowda on Friday spoke to media and alleged that Shivakumar is behind pen drive case, and a team of four Ministers -- N Chaluvarayaswamy, Krishna Byre Gowda, Priyank Kharge and another minister -- was formed to handle this, with an intention to bring bad name to BJP, PM Modi and Kumaraswamy.

He said Shivakumar had asked him to say that Kumaraswamy is behind the distribution of pen drives, but as he did not agree to it, he is being fixed in false cases.

Minister Priyank Kharge said Gowda has alleged that three responsible ministers in the state government were part of a team and that there was a conspiracy. "We will discuss whatever legal course, we will take it." 

"Devaraje Gowda might be doing this to defame Shivakumar and Siddaramaiah. If he had a Rs 100 crore offer, he should have told Amit Shah (Union Home Minister) and get it investigated. He could have got CBI, ED, or IT raids done. Why didn't he do it? Claims have been made that he (Gowda) was sent Rs 5 crore as advance at a club, let them get CCTV footage and see who were all there," Kharge said.

While speaking to reporters here, he further said Gowda is a lawyer. When he was deposed before the Judge he should have told about the documents he has and should have presented to the court.

Minister Chaluvarayaswamy said allegations about the role of Shivakumar and a team of ministers being formed to oversee the circulation of pen drives are 'baseless', and he questioned Gowda's morality to make such accusations.

"If Gowda proves that Chaluvarayaswamy, Priyank Kharge and Krishna Byre Gowda had held a meeting on this case and we as a team were given responsibility and we were involved in this case, I will apologise," he said and alleged that Gowda was being used to mislead and deviate from the main case of sexual abuse.

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