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Business EconomyPosted at: Oct 18 2021 8:22PM


RBI imposes Rs 1 crore penalty on SBI for non-compliance

New Delhi, Oct 18 (UNI) The Reserve Bank of India (RBI) has imposed Rs 1 crore penalty on State Bank of India (SBI) for non-compliance with its directions.
"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 central bank said.
In its order, the RBI on Monday said that the penalty has been imposed for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’.
The RBI had carried out a scrutiny in a customer account maintained with the SBI and found non-compliance with the directions to the extent of delay in reporting of fraud in the said account.
Subsequently, 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.
"After considering the bank’s reply to the notice and oral submissions made by the bank in the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with the aforesaid directions," the RBI said.
UNI NK
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