Mar 06, 2017: Considering that large number of people will suffer, the Centre has asked the State Bank of India to reconsider it’s decision to impose a penalty on non-maintenance of minimum balance in accounts from 1st April onwards. Not only SBI, the Government has also urged various banks, including private banks to reconsider the charges on cash transactions and ATM withdrawals above a certain limit, sources said.
Reacting on SBI’s decision, Congress immediately denounced it. Congress has termed State Bank’s decision to levy charges for not maintaining minimum monthly balance in saving bank accounts, as anti-poor and anti-middle class.
Minimum balance and Penalty concept is nothing new. In fact penalty system was applicable for non-maintenance of minimum balance five years earlier. After a gap of five years, State Bank of India had decided to reintroduce penalty system. The Bank also revised charges on other services, including ATMs.
