Despite the State Bank of India's decision to waive penalties for non-maintenance of minimum balance from FY20, Public Sector Banks (PSBs) have seen a significant rise in collections under this head. According to data presented by Minister of State for Finance Pankaj Chaudhary in a written response to an un-starred question in the Lok Sabha, PSBs collected approximately ₹8,500 crore in penalties over the last five years, marking an increase of over 34 percent.