NDTV Profit Team
| Thursday March 15, 2018
State Bank of India (SBI) said on Thursday that 41.16 lakh savings bank accounts, which were reported to have been closed after introduction of the requirement of average monthly balance, were not closed suo-moto. Earlier, an RTI query had revealed that SBI had closed as many as 41.16 lakh savings accounts between April and January in the current fiscal year for not maintaining the average monthly balance (AMB). This news was reported on a day SBI cut its penalty for non-maintenance of minimum balance in its savings accounts.