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  4. PNB recovers Rs 278 cr as penalty from poor account holders

PNB recovers Rs 278 cr as penalty from poor account holders

India's one of the largest public sector bank, Punjab National Bank (PNB) has collected Rs 278.66 crore from the poor account holders as a penalty in the financial year 2018-19 for not maintaining the minimum balance. According to PNB data, the penalty amount of Rs 278.66 crore is 32 per cent more than the amount recovered in the last financial year (2017-18).

India TV Business Desk Edited by: India TV Business Desk New Delhi Updated on: August 08, 2019 8:15 IST
PNB recovers Rs 278 cr as penalty from poor account
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PNB recovers Rs 278 cr as penalty from poor account holders 

India's one of the largest public sector bank, Punjab National Bank (PNB) has collected Rs 278.66 crore from the poor account holders as penalty in the financial year 2018-19 for not maintaining the minimum balance.

This came to light after an RTI activist in Madhya Pradesh's Neemuch district, Chandrashekhar Gaur sought information from the PNB on the amount recovered from the account holders in the last two financial years for not maintaining a minimum balance in savings and current account.

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The total amount of Rs 278 crore has been recovered from about 1 crore 27 lakh customers across the country. 

According to PNB data, the penalty amount of Rs 278.66 crore is 32 per cent more than the amount recovered in the last financial year (2017-18).

The PNB bank has recovered a total of Rs 226.36 crore from Rs 1,22,53,756 savings accounts and Rs 52.30 crore from fine accounts of Rs 5,37,692 current accounts during the financial year 2018-19, reported IANS.

Gaur told IANS: "The penalty charged by a bank for not keeping the minimum amount in the accounts is a penalty on poverty.

"It should be reviewed immediately in the larger public interest and recovery of all such penalty charges should be stopped with immediate effect," he added. 

(With IANS input)

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