Business Latest News: Banks recovered 35,000 crore rupees from you

You must have failed to keep a minimum amount in your bank at some point. And the bank must have charged you a fee for this. This happens to the majority of people. But did you realise that this tiny fine earns banks crores of rupees? Yes, and if we look at the last five years, public and private sector banks have collected crores of rupees from clients.

How have banks earned so much money?

Banks in India raised 35000 crore from clients via minimum balance, additional ATM transactions, and messaging services. This information was provided to the Rajya Sabha by the Finance Ministry. The Finance Ministry informed the House in writing that the public sector and five large commercial banks have deposited more than Rs 35,000 crore.

Axis Bank, HDFC Bank, IndusInd Bank, and ICICI Bank are among these private banks. Dr. Bhagwat Karad, Minister of State, told the House that banks were able to earn Rs. 21,000 crore due to clients' failure to maintain a minimum level. Extra ATM transactions contributed 8000 crore, and messaging services contributed 6000 crore.