......Petitioner Sunil Khare claimed that due to neglect by RBI, various banks have forcibly recovered a staggering Rs3,000 to Rs5,000 crore in the name of penalty for non-maintenance of minimum balance. The petitioner added that only SBI discontinued this practice in April last year, but only after collecting about Rs1,500 crore. Citing a research conducted by him, Khare said most of the banks, including public sector, are charging penalty ranging from 80% to a whopping 365% per annum.........
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