Lower #MAB and relieve the poor and middle class from #MAB
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I am a son belonging from a middle class family. Right now, I am preparing for a government job.
Recently, the SBI Chairperson Mrs Arundhati Bhattacharya had announced that the bank is going to charge the account holders for MONTHLY AVERAGE BALANCE or #MAB policy. It tells that A/c holders from Metro will have to pay a penalty if monthly balance get lowered by Rs 5000. The same applies to Urban, Semi-Urban and Rural branches with lower ceiling of Rs 3000, 2000 and 1000 respectively. As of now it stands to Rs 1000 for SB A/c with cheque and Rs500 without cheque.
The bank has cited reason as to recover the Non-Performing Assets or NPA - the bad loans taken by fugitives and tax evaders like Mr. Vijay Mallya or Mr. Lalit Modi. For a few people why should majority suffer? Money kept in bank by the people are kept for many puposes and also for security against loss. Many poor and middle class people have kept their money in bank.Like many middle class people, I have a bank account with SBI. The government is trying to bring the people's money into the banking system- the financial inclusion. All the other banks are likely to follow the footsteps of SBI's #MAB. If the banks are going to take such a draconian step by increasing the #MAB by multiple times, how will the people keep faith in the banking system? And what about the students, who get a meagre monthly pocket-money?
So, I urge the Government of India, RBI and Banks to lower the #MAB rates and make it pro-poor, pro-middle class and pro-student, so that it does not look draconian and anti-poor, anti-middle class and anti-student
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