INSUBCONTINENT EXCLUSIVE:
RBI has actually enforced a charge of Rs 1 crore on SBIReserve Bank of India (RBI) has penalised the nation's biggest lending institution
State Bank of India (SBI) for not complying with specific directions, and has actually imposed a fine of Rs 1 crore on it.SBI has been
penalised for violating rules related to scams classification and reporting by commercial banks and select financial institutions, the RBI
said in a statement.Earlier today, the central bank had actually imposed a penalty of Rs 1.95 crore on Requirement Chartered Bank for
stopping working to report a cyber security event
(Also Read: RBI Enforces Rs 1.95 Crore Fine On Requirement Chartered Bank
https://www.TheIndianSubcontinent.com/business/rbi-imposes-rs-1-95-crore-fine-on-standard-chartered-bank-2579616#pfrom=home-business_topstor
ies)The action versus SBI is based upon the shortages in regulatory compliance and is not meant to pronounce upon the credibility of any
transaction or arrangement participated in by the bank with its customers, the RBI said.The central bank carried out a review of SBI in a
customer account kept with it and the assessment of the examination report revealed non-compliance with the instructions on reporting of
scams in the said account to SBI, the central bank stated
In furtherance to the very same, a notice was released to the bank recommending it to justify why penalty must not be troubled it for such
non-compliance with the said instructions, the RBI stated.
