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41 Lakh Accounts Closed Due to Merger, Not Non-Maintenance of Minimum Balance, SBI Clarifies

March 16, 2018

41 Lakh Accounts Closed Due to Merger, Not Non-Maintenance of Minimum Balance, SBI Clarifies

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.

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