Kisan Mela

SBI shuts 41 lakh savings accounts

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The State Bank of India (SBI) is said to have closed over 41 lakh savings accounts between April 2017 and January 2018 for not maintaining the minimum balance, according to an RTI response.

The Finance Ministry data disclosed that SBI received a windfall of Rs 1,771.67 crore from customers for non-maintenance of minimum balance between April and November 2017, which is more than its second quarter profit.