RBI imposes Rs 1 crore penalty on State Bank of India for non-compliance with the aforesaid directions

RBI imposes Rs 1 crore penalty on State Bank of India for non-compliance with the aforesaid directions

• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on India’s largest public lender State Bank of India (SBI) on October 18, 2021.
• The penalty has been imposed for non-compliance with the directions contained in “RBI (Frauds classification and reporting by commercial banks and select FIs) directions 2016”.
• The penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Source: DNA