Min balance fines fetch PSBs Rs 8.5k crore in 5 years

Public sector banks collected Rs 8,495 crore in fines over five years for non-maintenance of minimum balance, averaging Rs 1,699 crore annually. Despite SBI ceasing such charges, other banks like Punjab National Bank and Bank of Baroda increased collections. This amount surpassed government incentives for digital payments in the budget, highlighting the financial impact on depositors.

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