The government on Wednesday said banks garnered more than Rs 26,170 crore in the form of penalties from customers who failed to maintain the minimum average balance (MAB) in their accounts during the four financial years from FY23 to FY26, as per news agency IANS. 

Minister of State for Finance Pankaj Chaudhary in a written reply in the Rajya Sabha shared the details, while highlighting that private sector lenders' share in this collection was bigger than public sector banks (PSBs), as most PSBs have moved away from levying the minimum balance requirements on savings account.