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Banks collected nearly Rs 7,100 crore in minimum balance penalties during FY26. Private banks gathered Rs 4,948 crore, a significant increase from the previous year. HDFC Bank alone levied Rs 1,800 crore in charges from its customers. Ten public sector banks have discontinued these penal charges on savings accounts. Overall, banks notified customers before applying these charges to accounts.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/kYlFpA9
The process to file the income tax return has evolved over the last few years and the income tax portal now pre-fills a lot of your tax related information drawing from information in documents such as Form 16, Form 26AS, Annual Information Statement (AIS), bank records etc.
Public sector banks report significant financial improvements and record profits. Bad debt levels have fallen to their lowest point in decades. The government has supported banks through capital infusions and legislative measures. Credit growth has accelerated across various economic sectors. Schemes like ECLGS continue to support businesses and credit flow.
The government has allowed the Reserve Bank of India to print two billion polymer notes. These new polymer notes will be printed for field trials and regular issuance. The minister stated that paper and polymer currency will coexist in circulation. RBI is currently sourcing materials for these polymer banknotes. This initiative aims to enhance the lifespan of currency in circulation.
HDFC Bank's board penalized top executives over deposit arrangements with MSRDC. The internal review found business overreach but no personal gain or mala fide intent. Top executives received nominal penalties and warning letters following the review's recommendations. This action comes as the RBI pushes boards for greater oversight and before the CEO's term ends. The bank will formally communicate the matter and its findings to the Reserve Bank of India.
