PNB Customers Paid Rs 170 Crore Penalty For Not Maintaining Min Balance!
According to RTI data, Punjab National Bank (PNB) earned over Rs 170 crore from clients who did not maintain the requisite minimum balance in their accounts between 2020-21.
PNB Levying Charges
In 2019-20, the lender’s revenue from such levies was Rs 286.24 crore.
In the April-June period of 2020-21, the quarterly average balance (QAB) was Rs 35.46 crore (on both savings and current accounts), while no such penalties were imposed in the second quarter of FY21.
PNB’s Response To RTI
PNB responded in a response to a Right to Information (RTI) request by Madhya Pradesh-based social activist Chandra Shekhar Gaur that QAB non-maintenance charges were Rs 48.11 crore and Rs 86.11 crore in the third and fourth quarters, respectively.
During the year, the bank also collected Rs 74.28 crore from ATM transaction fees. According to an IBA letter and government standards, the bank waived ATM transaction fees during the first quarter of 2020-21.
In answer to a question on the number of active and inactive accounts, the lender said that as of June 30, 2021, 4,27,59,597 accounts were dormant, while 13,37,48,857 were active.