SBI recovered Rs 164 crore from the poor with Jandhan account

SBI recovered Rs 164 crore from the poor with Jandhan account

SBI recovered Rs 164 crore from the poor with Jandhan account

SBI (State Bank of India) continued to charge during the pandemic. During this time, the bank earned about Rs 164 crore.

This has been revealed in the report of IIT Bombay. The report states that the bank violated the condition attached to Jan Dhan accounts while charging fees.Not only this, it also broke the standards of the Reserve Bank of India in which it was urged to keep the charges on transactions reasonable. 

According to the report, Jandhan account holders were initially not allowed more than 4 transactions per month. By changing the rules, SBI has allowed more than 4 digital transactions unlike other banks. However, they charged Rs 17.70 per transaction. That is, if a Jandhan account holder was making a purchase of Rs. 15 per month from UPI after four transactions, then Rs. 17.70 was deducted from his account.

When the government exempted UPI payments from fees, it was found that between January 1, 2020 to April 6, 2020 and July 1, 2020 to September 14, 2020, there were 222 crore UPI transactions in SBI. Out of these, 5.1 crore transactions were charged at Rs 17.70 per transaction. Thus the bank deducted more than Rs 90 crore during this period.

The bank repaid this money in February-March 2021 but on this amount the account holders get about Rs. 2.1 crore. Loss of interest. Not only that, the bank has given Rs. Investment tax is around Rs. 2.6 crore. Earned According to the report, Jandhan account holders are also entitled to this amount. According to the report, it has also come to light that despite having zero balance facility, the average balance in Jan Dhan accounts remained Rs 2,457 more till the end of March 2020.

The report estimates that the bank thus collected about Rs 164 crore from 12 crore Jan Dhan account holders between April 2017 and December 2019. This amount is still with SBI. The report rejects SBI's argument that the fee was justified, as the RBI had authorized the bank to levy "equitable" fees. Citing RBI's 2013 principles, the report said that SBI did not waive any additional charges from Jandhan account holders.

The IIT Bombay report claims that SBI discriminated against the beneficiaries of the Prime Minister's scheme to link the poor to the banking system. This attitude of SBI was complained to the Ministry of Finance in August 2020. Following this, the CBDT issued a consultation to the banks on 30 August 2020 to refund the fees charged from the account holders from 1 January 2020. SBI started repaying the amount on February 17, 2021, but 164 crores are yet to be repaid.



KL Rahul and Rashid Khan

KL Rahul and Rashid Khan allegedly approached by Lucknow, complaint lodged by PBKS and SRH

The deadline by which all 8 IPL franchises should give the list of players that they would like to retain ahead of the mega auctions is 30th November...

IPL 2022

Retainment Player List of IPL 2022

By Tuesday evening, the official list of retainment will pour in after the selection procedure of the eight original franchises. As per the repor...

States & UTs

Maharashtra New Rule

Maharashtra Issues New Rules for the common mass dropping down

 The Maharashtra government, on Tuesday, has issued a new set of rules for everyone who would come into its territories from outside, over the ai...

Resident doctors

Resident doctors in Karnataka go on a strike from the 29th of November

The association of the Karnataka doctors on Sunday went on for a statewide strike from the 29th of November the reason for the strike being the three-...


Akhilesh Yadav

UP educational system corrupted, Akhilesh Yadav alleges

UPTET 2021 Paper was reported to have been leaked. Samajwadi Party chief, Akhilesh Yadav intimates e...

Tripura Municipal Election

BJP Leads Tripura Municipal Election Results 2021

Tripura Municipal Election Results 2021: The counting of votes for over 200 seats in the Agartala Mu...


Money Heist

Netflix to expand the universe of Money Heist

 Good news for all Money Heist fans! Netflix has now assured that though the "Heist"...

Ranveer Singh

Ranveer Singh Playing Kapil Dev in 83:Trailer Launch

The trailer of 83 is finally out after much wait and speculation. The film is based on India's w...


The Live Newz is an independent, budding and online news portal that came into existence recently. Our mission is to create and deliver the finest news for the readers. We act as a cutting-edge platform that provides the users with every update on recent happenings. We aspire to be true to the journalistic values and maintain the standard of its excellence by presenting the truth to the readers.