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41 Lakh Accounts Closed Due to Merger, Not Non-Maintenance of Minimum Balance, SBI Clarifies
March 16, 2018
India’s largest public sector lender State Bank of India said the reason why it closed nearly 41.16 lakh bank accounts was not the non-maintenance of minimum balance but the merger of its 5 associate banks last year that had led to the overlapping of the accounts.
The clarification comes in just a few days after an RTI query revealed the lender had closed 41.16 lakh accounts between April 1, 2017, and January 31, 2018, due to the breaching of minimum balance norms.