RBI Imposes Rs 1 Crore Penalty On SBI
NDTV
RBI has penalised the country's largest lender SBI for not complying with specific directions, and imposed a fine of Rs 1 crore on it
Reserve Bank of India (RBI) has penalised the country's largest lender State Bank of India (SBI) for not complying with specific directions, and has imposed a fine of Rs 1 crore on it.
SBI has been penalised for violating rules related to frauds classification and reporting by commercial banks and select financial institutions, the RBI said in a statement.
Earlier today, the central bank had imposed a penalty of Rs 1.95 crore on Standard Chartered Bank for failing to report a cyber security incident. (Also Read: RBI Imposes Rs 1.95 Crore Fine On Standard Chartered Bank https://www.ndtv.com/business/rbi-imposes-rs-1-95-crore-fine-on-standard-chartered-bank-2579616#pfrom=home-business_topstories)
The action against SBI is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
