Sunday, Nov 28 2021 | Time 14:39 Hrs(IST)
image
Business Economy


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
More News

Telangana is top Start-up destination in country, says Jayesh Ranjan

28 Nov 2021 | 12:08 AM

Hyderabad, Nov 27 (UNI) Mr Jayesh Ranjan, Principal Secretary, Department of Industries & Commerce (I&C) & IT, Government of Telangana on Saturday said that the State is the top Start-up destination in the country.

see more..
Goyal tells India Inc to take risks while govt works on making business easier

Goyal tells India Inc to take risks while govt works on making business easier

27 Nov 2021 | 8:30 PM

New Delhi, Nov 27 (UNI) Even as the Government pursues a proactive agenda on building a conducive business climate and implementing structural reforms, Indian industry has been tasked with developing a greater risk appetite, working with the Government to find holistic solutions to commercial disputes problems and looking beyond cost for building a resilient ecosystem using innovation and sustainability.

see more..
Patented designs, diversification can make India world’s largest diamond trading hub: Goyal

Patented designs, diversification can make India world’s largest diamond trading hub: Goyal

27 Nov 2021 | 8:20 PM

New Delhi, Nov 27 (UNI) With exports of gems and jewellery in this fiscal upto October’ 21 touching $ 23.62 billion with 102.09% year-on-year growth and the sector establishing itself as the largest player in diamond cutting and polishing, India can emerge as the largest diamond trading hub in the world.

see more..
Kingspin to expand blockchain development team with Kochi as offshore delivery Center

Kingspin to expand blockchain development team with Kochi as offshore delivery Center

27 Nov 2021 | 6:21 PM

Kochi, Nov 27 (UNI) Kingspin Technology Services, a Malayali driven UAE based blockchain start-up plans to spread its wings in Kerala, with Kochi as an offshore delivery center to expand Blockchain Development Team and also focus on other Digital Transformation Technologies such as Data Science and IoT.

see more..

Bullion Market Closing Rates

27 Nov 2021 | 3:13 PM

Chennai, Nov 27 (UNI) Following is the bullion market
closing rate here today.

see more..
image