Public and Private Banks Garner Rs 35,000 Crore in Fees Since 2018

  • Banks including Axis Bank, HDFC, and ICICI collected over Rs 35,000 crore in penalties since 2018 for non-maintenance of minimum balances, extra ATM transactions, and SMS services.
  • Minister of State, Dr Bhagwat Karad, stated over Rs 21,000 crore was from non-maintenance of minimum balances, over Rs 8,000 crore from additional ATM usage, and SMS services generated over Rs 6,000 crore.
  • Government and RBI steps for affordable banking, like Basic Savings Bank Deposit Account (BSBDA), and guidelines regulating banks’ penalty charges, were highlighted.
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