SBI clarifies on report of unpaid refunds of Rs 164 crore from account holders of Pradhan Mantri Jan Dhan Yojana


New Delhi: The State Bank of India (SBI) has clarified its stand on media studies that had acknowledged that India’s largest public sector lender is but to return Rs 164 crore of undue price charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) in direction of digital funds throughout April 2017 and December 2019.

“On instructions from the federal government, SBI has returned nearly Rs 90 crore, thereby withholding the larger chunk of at the least Rs 164 crore with itself,” stated the report ready by IIT-Mumbai.

“There has been a news article on 22.11.2021 that SBI is not refunding charges recovered from the customers on digital transactions. We confirm that Bank is in full compliance with the Government and regulatory directives in this regard,” the financial institution responding on media claims acknowledged.

“SBI has been on the forefront of the Financial Inclusion (FI) initiative of the Government of India with a FI buyer base of ~13.76 crs. The companies to those prospects are supplied by a powerful community of 70,193 Bank Mitras. In the Bank Mitra or Business Correspondent channel, banking and micro insurance coverage companies are supplied to the purchasers in an assisted mode in rural and semi city areas,”  SBI additional stated.

It was reported that in April 2017 to September 2020, SBI had collected over Rs 254 crore in direction of at the least 14 crore UPI/ RuPay transactions by charging Rs 17.70 per transactions on BSBDA (Basic Savings Bank Deposit Account) prospects beneath the Pradhan Mantri Jan Dhan Yojana (PMJDY).

“SBI has been on the forefront of the Financial Inclusion (FI) initiative of the Government of India with a FI buyer base of ~13.76 crs. The companies to those prospects are supplied by a powerful community of 70,193 Bank Mitras. In the Bank Mitra or Business Correspondent channel, banking and micro insurance coverage companies are supplied to the purchasers in an assisted mode in rural and semi city areas,” added SBI.

Since June 1, 2017, in contrast to another financial institution in India, the report stated, SBI charged Rs 17.70 for each debit transaction past 4 a month. Debit transaction means any withdrawal transaction that features money withdrawal, Unified Payments Interface (UPI), Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) pre-authorised standing instruction, cheque, and so forth.
This has adversely impacted the BSBDA prospects of SBI who, on the decision of the federal government and RBI, embraced digital means of monetary transactions.

In adherence to the CBDT directive, as late as February 17, 2021, SBI initiated refund of Rs 17.70 for the UPI and RuPay debit card digital transactions to the BSBDA prospects, the report ready by Ashish Das, Professor of Statistics stated.

Levying of fees on BSBDA is guided by September 2013 RBI tips. As per the route these account holders are ‘allowed greater than 4 withdrawals’ in a month, on the financial institution’s discretion supplied the financial institution doesn’t cost for a similar. 

With PTI Inputs

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