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SBI likely to cut minimum balance requirement for savings accounts

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New Delhi: Countrys largest lender State Bank of India (SBI) is likely to reduce minimum balance requirement for savings accounts, media reports said.

SBI currently charges penalty from customers for non-maintenance of monthly average balance in savings accounts. The rates of monthly average balance is Rs 3,000 for metros, Rs 2,000 for semi-urban areas and Rs 1,000 for rural areas.

The SBI, after a gap of six years, had reintroduced the monthly average balance (MAB) charges from April 1, 2017.
As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts attracts penalty of up to Rs 100 plus goods and services tax (GST).

 

In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.

In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST.

However, after criticism by customers, it reduced those charges with effect from October 1.

SBI’s plan to reduce the minimum balance requirement reportedly comes after the negative news on the income generated on the fees.

A finance ministry data, released this week, showed that SBI netted a windfall of Rs 1,771.67 crore, more than its second quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18.

The finance ministry data showed the bank charged Rs 1,771.67 crore from customers on account of non-maintenance of minimum average balance between April and November 2017.

The charges collected by SBI for non-maintenance of minimum balance exceeds the bank’s July-September quarter net profit of Rs 1,581.55 crore. The amount was also nearly half of the Rs 3,586 crore the bank earned as net profit from April to September.


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Air India to start new domestic and international flights from next month

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New Delhi: Air India on Wednesday announced that various new flights would begin from next month on domestic as well as international routes in order to meet heavy demand of seats during the summer vacation.

The national carrier said it will offer additional 3,500 seats per week on Mumbai-Dubai-Mumbai route from June 1.

Moreover, it will offer additional 3,500 seats per week on Delhi-Dubai-Delhi route too from June 2 by operating two new flights using its B787 Dreamliner aircraft.

 

“The airline will offer one way Economy class promotional fare of Rs 7777 (all inclusive) from both Delhi and Mumbai to Dubai for sale and travel up to July 31, 2019,” Air India said in a statement.

On its domestic front, Air India said it will introduce new flights on Bhopal-Pune-Bhopal route and Varanasi-Chennai-Varanasi route from June 5.

“The number of flights on Delhi-Bhopal-Delhi will be increased from present 14 flights per week to 20 flights per week by introducing third frequency to the historical city of Tals,” the statement added.

The national carrier would be increasing its flights on Delhi-Raipur-Delhi route from existing seven flights per week to 14 flights per week.

According to Air India, the number of flights per week would be increased on routes such as Delhi-Bengaluru-Delhi, Delhi-Amritsar-Delhi, Chennai-Ahmedabad-Chennai and Chennai-Kolkata-Chennai.

The flights per week would also be increased on Delhi-Vadodara-Delhi route and Mumbai-Vizag-Mumbai route, the statement added.

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Sensex gains 140 pts ahead of election outcome

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Mumbai: The benchmark BSE Sensex jumped 140 points Wednesday, driven by gains in banking and auto stocks ahead of the general election results.

After swinging over 300 points during the day, the 30-share index ended 140.41 points, or 0.36 per cent, higher at 39,110.21. The gauge hit an intra-day high of 39,249.08 and a low of 38,903.87.

In similar movement, the broader NSE Nifty rose 28.80 points, or 0.25 per cent, to 11,737.90.

 

IndusInd Bank was the biggest gainer in the Sensex pack, rallying 4.84 per cent, followed by Sun Pharma, Bajaj Auto, Bharti Airtel, Coal India, Tata Motors, SBI, ICICI Bank, Hero MotoCorp, ONGC, HDFC, Vedanta, L&T, Kotak Bank, Maruti and Axis Bank, ending up to 2.92 per cent higher.

On the other hand, Yes Bank, ITC, PowerGrid, TCS and HUL ended in the red, slipping up to 2.34 per cent.

According to experts, investor sentiment turned positive this week after most exit polls forecast a win for the Narendra Modi-led NDA. The results of the seven-phased polls will come out Thursday.

Unabated foreign fund inflows too buoyed market mood here, traders said.

Foreign institutional investors net bought equities worth Rs 1,185.44 crore on Tuesday, while domestic institutional investors sold shares to the tune of Rs 1,090.32 crore, provisional data available with stock exchanges showed.

Meanwhile, the Indian rupee appreciated marginally to 69.68 against the US dollar.

Brent crude, the global benchmark, was trading at USD 71.72 per barrel, higher by 0.64 per cent.

Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in early deals.

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Database inadvertently exposed but did not include personal data: Chtrbox

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New Delhi: Mumbai-based Chtrbox, which was allegedly responsible for leaking data of millions of Instagram users, has said database for a limited number of influencers was inadvertently exposed but that did not include any sensitive personal data.

The company termed the reports of private data being leaked as “inaccurate” and acknowledged that “a particular database for limited influencers was inadvertently exposed for approximately 72 hours”.

“This database did not include any sensitive personal data and only contained information available from the public domain, or self reported by influencers,” it said in a statement late Tuesday night.

 

On Tuesday, Facebook-owned Instagram said it is investigating whether a third-party – Chtrbox – improperly stored its user data in violation of its policies after reports that information of millions of users being available online allegedly in an unsecured database emerged.

These reports said the database found online – with over 49 million records – contained information of millions of Instagram influencers, celebrities and brand accounts. The database was allegedly traced back to Chtrbox.

The reports had said apart from public data (like bio, profile picture and number of followers), the database also allegedly contained users’ private contact information such as email address and phone number.

An Instagram spokesperson had said the company is “investigating whether a third party improperly stored Instagram data, in violation of our policies. It’s also not clear whether the phone numbers and e-mails in Chtrbox’s database came from Instagram”.

Chtrbox, in its statement, asserted that no personal data has been sourced through unethical means by the company.

“Our database is for internal research use only, we have never sold individual data or our database, and we have never purchased hacked-data resulting from social media platform breaches. Our use of our database is limited to help our team connect with the right influencers to support influencers to monetize their online presence, and help brands create great content,” it added.

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