Banking Awareness

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Indian Economy - Understanding the basics of Indian economic system

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30-Jul-24

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11 PSU Banks Charge Rs 2,331 Crore From Account Holders

Account holders of 11 public sector banks have been cumulatively charged Rs 2,331 crore for their failure to maintain a minimum balance in savings banks in FY24. This is a rise of 25.63 per cent from Rs 1,855.43 crore in FY23.

According to an Indian Express report quoting Ministry of Finance data, these 11 banks have collected Rs 5,614 crore from account holders for not maintaining the minimum balance in the last three years.
These 11 banks are -- Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, UCO Bank, and Union Bank of India.
Among these, Punjab National Bank (PNB) collected the maximum amount of Rs 633.4 crore from its customers, followed by Bank of Baroda (Rs 386.51 crore) and Indian Bank (Rs 369.16 crore), the finance ministry data added.

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