Odisha News In English

Prameya English, Prameyanews.com, Odisha Latest News, Odisha News Online

RBI imposes Rs 1 cr monetary penalty on SBI

18/10/2021 at 8:34 PM

New Delhi, Oct 18: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the State Bank of India (SBI), for not complying with directions issued by the central bank with regard to fraud classification and reporting by commercial banks.

“This 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 RBI said in a statement.

   Related Posts