Reserve Bank of India imposes monetary penalty on State Bank of India

In 5 years, SBI charges 300 crores from zero balance accounts, violation of RBI rules: IIT Bombay

Many banks, including the country’s largest bank SBI, charge higher charges on some services related to zero bankless or basic savings bank deposit accounts (BSBDA) and this is in violation of RBI regulations. This is revealed by a study by IIT Bombay. According to the study, if the transactions are done more than the prescribed …

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