SBI may cut minimum balance requirement to Rs 1,000 in urban areas

While SBI's current Rs 3,000 minimum balance requirement for urban areas is highest among all PSBs, it is the lowest among all large private banks

The State Bank of India may reduce its minimum balance requirement to Rs 1,000 from the current Rs 3,000 balance in metros, according to a report in the Economic Times.

The largest Indian bank suffered a huge backlash last week when finance ministry data revealed that it netted a windfall of Rs 17.72 billion, more than its second-quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18.

While SBI's current Rs 3,000 minimum balance requirement for urban areas is highest among all PSBs, it is the lowest among all large private