In 4 years, banks fined you more than what Vijay Mallya and Nirav Modi owe them

Banks in India have earned at least Rs 10,391.43 crore by charging you for just two things–failure to maintain minimum balance in saving accounts and carrying out more than the permitted number of free ATM transactions in a month.

f course, you have heard the name Vijay Mallya. The liquor baron who once had a majority stake in United Beverages, the face of Kingfisher Airline and Royal Challengers Bangalore, and a host of other things? Aaah! You remember. Good.

Vijay Mallya owes approximately Rs 9,000 crore to various Indian banks. He defrauded them over years and now is in the United Kingdom. India says it wants him to be deported and efforts are on.

Another name that you must have heard of is Nirav Modi. The diamond businessman who defrauded Indian banks to the tune of more than Rs 11,300 crore?

But this is not an article about India’s fugitive billionaires. Forget them for a while. This article is about you and your money.

In less than four years (April 2015 to September 2018), banks in India have earned at least Rs 10,391.43 crore by charging you for just two things–failure to maintain minimum balance in saving accounts and carrying out more than the permitted number of free ATM transactions in a month.

This amount is more than what Vijay Mallya owes, and is 92 per cent of the amount owed by Nirav Modi. Hold on and take a breath because this amount is just the one collected by public sector banks. It doesn’t include the earnings made by private banks by collecting fines.

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