Bank levies penalty on MAB exempt minor's account
Bank levies penalty on MAB exempted minor’s account Concerned bank drags feet, parent take it to the banking ombudsman, gets penalty amount reversed. By Debkumar Bhadra To have an idea of how the banks are draining customers deposits to fill its own coffers, take a look at this : According to information presented by government in the Lok Sabha, Indian banks collected Rs 10,391.43 crore between April 2015 and September 2018 by charging customers for just two things – one failure to maintain minimum or monthly average balance (MAB) in their account and two for exceeding the number of free ATM transactions in a month. This amount is huge, not only because it is more than what Vijay Mallya reportedly owe to banks (Rs 9,000 crore) or it being more than the budget allocation for India’s first man mission to space – Gaganyaan (Rs 10,000 crore). For a country which has just taken first step towards financial inclusion, it is unfortunate as well since this amou...