RBI imposes Rs 1 crore fine on SBI
The Reserve Bank of India penalised the country’s largest lender, State Bank of India for not following the directions issued by the central bank with regards to fraud classification and reporting by commercial banks, imposing a fine of Rs 1 crore.
The action 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 bank stated.
Earlier, the RBI imposed Rs 1.95 crore fine on Standard Chartered Bank for the violation of various guidelines.
These monetary penalties have been imposed in exercise of powers entrusted in RBI under the Banking Regulation Act, 1949.
The central bank conducted a review of SBI in a customer account maintained with it and the examination of the research report revealed non-compliance with the directions on reporting of fraud in the said account to SBI, the central bank said.
“In furtherance to the same, a notice was issued to the bank advising it to show cause why penalty should not be imposed on it for such non-compliance with the said directions,” the RBI said.
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