Stock advisory Company, Fines From Minimum Balance Defaults To Amount Rs. 2,000 Crore

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State Bank of India (SBI) expects to collect Rs. 2,000 crore as the penalty on savings bank accounts which have failed to maintain a minimum balance, a sum which may be used to partly cover the costs incurred on the linking of accounts with Aadhaar. The recent directive of the government to link all savings bank accounts with Aadhaar by December 31 was a "very costly affair" as lenders were already facing high costs in maintaining such accounts and complying with the KYC (know your customer) requirement, says SBI Managing Director Rajnish Kumar.

To recover such costs, including its costs on ATMs and business correspondents, the bank expects to realize over Rs. 2,000 crores in the current fiscal from account holders as the penalty for failing to maintain a minimum balance in their savings accounts, he said.