The State Bank of India had collected whopping Rs 1,771 crore during April-November 2017 as charges from below minimum balance accounts.
The charges were slapped on customers who did not maintain their minimum monthly average balance (MAB) in their accounts, according to reports.
And this amount is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit from April to September.
What does this imply to fintech/lending startups?
