Penalty over minimum bank balance not ‘consideration’: Karnataka high court | Bengaluru News
Bengaluru: Karnataka high court has ruled that penalty charges collected by banks from customers for non-maintenance of minimum average balance (MAB) cannot be treated as ‘consideration’ flowing into banks.Since minimum balance is a contractual stipulation with banks, its breach attracts penalty, Justice SR Krishna Kumar observed in an order passed on June 1, allowing a…
