PNB earns 645 crores+ through just ATM transaction charges in FY22

Revenue generated through PNB via ATM transaction charges was about 645.67 crore during the financial year 2021-22, according to the bank in response to an inquiry for details pursuant to the Right to Information (RTI) Act.

A public-sector lender Punjab National Bank has said it made more than Rs 645 crore through the levy of ATM transaction fees on its customers during the fiscal year 2021-22. The revenue generated through PNB by charging ATM transaction charges was the sum of 645.67 crores during the financial year 2021-22. The bank stated in response to a request for details in accordance with the Right to Information (RTI) Act.

Additionally, the second-largest lender raked in an amount of 239.09 crores as a penalty for customers who were not able to maintain minimum balances or a minimum quarterly/monthly balance on their bank accounts, as per its response to Madhya Pradesh-based RTI requester Chandrashekhar Gaur. In the period 2020-21, the bank earned $170 million by imposing charges on clients for failing to maintain a minimum balance on their accounts.

This sum was taken from accounts of 8,518,953 during FY22. In response to a question about the number of accounts with zero balances with the bank, PNB (Punjab National Bank) declared that they had at least 67,637 accounts at the time of March 31st, 2022.

Based on the trends for the past four years of the financial year between 2018-19 and 2021-22, it was evident that zero balance accounts at PNB have steadily increased through the years. At the end of March 31, 2019, there were 28,203,379 zero balance accounts in PNB that grew to 30,583,184 by the close of March 2020. It then increased to 59,496,731 by March 31, 202.