Page 7 - BANKING FINANCE APRIL 2017
P. 7
BANK UPDATE
BANKING
SBI trains the most dif- SBI to reintroduce penalty on lower than minimum
ferently abled citizens balance accounts
State Bank of India is the largest em- After a gap of five years, State Bank of India has decided to reintroduce penalty
ployer of on non-maintenance of minimum balance in accounts
those with from April 1, and revised charges on other services, in-
disabilities cluding ATMs.
has now In metropolitan areas, there will be a charge of Rs 100
taken the plus service tax, if the balance falls below 75 per cent of
lead to set the MAB of Rs 5,000. If the shortfall is 50 per cent or
up a Centre less of the MAB, then the bank will charge Rs 50 plus service tax. The bank will
of Excellence (CoE) for training em- permit sayings account holders to deposit cash thrice a month free of charges
ployees with disability in Bengaluru. and levy Rs. 50 plus service tax on every transaction beyond that.
The bank has set up the CoE keep- SGB to be reintroduced with new features
ing in mind it employs 2,800 people
with disability - about 1.4 per cent The seventh part of Sovereign Gold Bond (SGB) is expected to receive good reac-
of its overall employee strength - tion as the money deposited in banks during the
and also to be of service to other demonetisation drive is likely to be pumped into this
public sector enterprises and banks. scheme, feels analysts. The scheme is being reintro-
The CoE has been set up by the SBI duced in the market after a gap of four months, and
Foundation. is the first after the government's note-ban initiative.
Also, it is priced nearly 1.7% cheaper than the prevailing gold rate in the market.
Explaining the rationale for setting
up the CoE in Bengaluru, SBI Chair- "Gold is one of the best performing asset classes in 2017 and the yellow metal
man Arundhati Bhattacharya said, has gained investors' interest once again. Dematerialised, tradeable and inter-
"At this point, this will be the only est bearing make SGB an excellent instrument. It is definitely better than bars
centre... Bengaluru has a lot of ex- and coins," said Shekhar Bhandari, business head for global transactions and
perts who can give us the right kind precious metal at Kotak Mahindra Bank.
of inputs to get this centre moving
in the right way and, thereafter, we Authorities probe into HSBC for tax evasion
will see how it goes." The centre Banking giant HSBC has disclosed being probed by tax
initially will be 'training the trainer' authorities in India and other countries, including against
and it is expected to create the its Swiss and Dubai units, for allegedly abetting tax eva-
training modules or programmes. sion of four Indians and their families.
BANKING FINANCE | APRIL | 2017 | 7
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