‘SBI Yet to Give Back Rs.164 crores of Digital Fees to Jan Dhan A/cs’

State Bank of India (SBI) is estimated to be still holding about Rs164 crores of digital banking charges it collected from basic savings bank account holders, a study by IIT Mumbai shows.

The bank is estimated to have collected an aggregate Rs. 254 crores between April 2017 and September 2020 but refunded just about Rs. 90 crores following an advisory from the government thereby withholding the bigger chunk of at least Rs.164 crores with itself.

It collected the sum by charging Rs. 17.70 for every digital debit transaction beyond four a month by the basic savings bank deposit account (BSBDA) customers under the Jan Dhan Yojana.

BSBDA was introduced in 2012-13 to financially include the unbanked population of the country.

Even as SBI partly refunded the charges it collected, it cost a large number of the BSBDA customers an interest loss, estimated to be over Rs. 2.1 crores.

“Moreover, by withholding the collection made for so long (About a year), SBI also made interest gains of at least Rs.2.6 crores, which actually belongs to the BSBDA customers,” the study said.

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