“The Reserve Bank of Republic of Republic of India (RBI) has imposed, on March 01, 2018, a monetary penalization of Rs. xl lakh on SBI. This activity is based on deficiencies inwards regulatory compliance too is non intended to pronounce upon the validity of whatever transaction or understanding entered into past times the banking firm amongst its customers,” RBI said inwards a statement.
Giving the background for the penalty, the banking regulator said that the currency breast inspection of 2 branches of SBI revealed, inter alia, violation of the instructions issued past times RBI on Detection too Impounding of Counterfeit Notes.
Note : RBI of late imposed a fine of Rs iii crore too Rs 2 crore on Axis Bank and Indian Overseas Bank (IOB) for non complying amongst the known your client (KYC) regulations. While SBI too IOB are state-run banks, Axis Bank is a someone bank.