PNB Acquired 170 Crores For Non-Maintenance of Minimum Balance From Their Customers a/c’s

It is well known that sufficient balance would be kept in savings a/c at all-times. If that minimum balance is not maintained, Banks have the right to levy penalty from their customers.

As a part of levying penalty, Government sponsored bank PNB(Punjab National Bank)acquired 170 crores in the financial year 2020-21 for non-maintenance of sufficient balance in the savings a/c’s of their customers.

This fact has been declared as a part of right to information act applied from One of the social activist of Madhya Pradesh. As per the information announced under right to information act, PNB acquired 286.24 crores for non-maintenance of minimum balance in the financial year 2019-20. But in financial year 2020-21, PNB acquired 170 crores only,slightly lower income when compared to the previous financial year 2019-20.

As PNB temporarily withheld charges on ATM Transactions in 2020-21 due to Covid-19, PNB acquired 74.28 crores only when compared to 114.08 crores in the financial year 2019-20.

This charges are legally allowed by RBI to meet the operating expenses of the bank. So these facts are being disclosed under the right to information act under their business income earned during the financial year 2020-21.

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