Banks net Rs 19,000 crore from minimum balance fine

While private sector banks mopped up around Rs 11,000 crore, public sector players collected Rs 8,093 crore, according to data shared by the finance ministry in Lok Sabha on Monday. Among private banks, State Bank of India, the country’s largest bank, waived off penal charges for not maintaining minimum balance in saving accounts since March 2020. Taking cue from it, another nine public sector banks, such as PNB and Canara Bank, have done away with such charges for savings bank accounts since last year, whi ...