Indian government implemented a disabled demonetisation in last year and since then whopping of Middle class people’s money has been a routine of action in all viable ways.
State owned bank SBI and other banks announced a penalty of not maintaining minimum balance of 5000 INR.
Facing unprecedented pressure on their profitability due to staggering bad loans, banks have now found minimum account balance (MAB) charges as a lucrative source of revenue.
The State Bank of India (SBI), the country’s largest public sector bank, for example, raked up as much as Rs 1,771 crore during April-November 2017 in MAB charges. The amount surpasses the bank’s second quarter net profit of Rs 1,581.55 crore.
During the same period Indian government slashed the 3 lakh crore of INR of the corporate loans.
Should we call them Corporate Government or Government of People?.