SBI charges for minimum balance during FY17 unreasonable: IIT-B report

For the month of April 2017, SBI recovered Rs 2.35 billion as penalty

The State Bank of India's charges for the non-maintenance of minimum balance were unreasonable, said a report by Indian Institute of Technology - Bombay professor. 

SBI started charging fees for non-maintenance of minimum balance from April 2017, after a gap of five years. The monthly fees ranged from Rs 20 - Rs 100 till September 2017 and were later slashed in October 2017. 

According to finance ministry data, SBI collected Rs 24.34 billion for the financial year 2017 in a penalty on non-maintenance of minimum balance alone. 

The bank, later on, slashed these charges by nearly 80 per cent in