PSBs Fine Depositors ₹2,000 Crore for Balance Shortfalls

30 Jul 2024 , 12:17 PM

Pankaj Chaudhary, Minister of State in the Finance Ministry, informed the Lok Sabha that state-run banks charged depositors ₹2,331 crore in penalties for failing to maintain quarterly or monthly average balances in FY24. This is 25% more than what banks charged last year.

Punjab National Bank levied the highest fee of ₹633 crore, followed by Bank of Baroda at ₹386 crore for non-maintenance quarterly balance. Indian Bank imposed ₹369 crore as a penalty for failing to maintain an average monthly balance. In response to another question, the finance ministry stated that the availability of banking outlets is monitored by a Geographic Information System (GIS)-based App, known as the Jan Dhan Darshak (JDD) App, and that 6,00,458 villages (99.85%) are covered by banking outlets within a radius of 5 kilometres.

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