Mumbai : State Bank of India on Thursday said that 41 lakh accounts closed in 2017-18 (April-March) for not maintaining minimum balance was not a suo-motu exercise. The number of accounts thus closed was high because of the merger of associate banks with SBI, the lender said.
The clarification by the lender came after media reports said the bank has closed as many as 41.2 lakh savings accounts between April-January for not maintaining the average monthly balance.
“The Bank would like to clarify that these accounts have not been closed Suo-motu,” the bank said.
On account of the merger of SBI’s associate banks with SBI in April 2017, where the customers were having multiple accounts with different Associate Banks and SBI, the number of accounts closed during the year is relatively high.