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RBI imposes Rs 1 cr penalty on SBI
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SME Times News Bureau | 19 Oct, 2021
The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the State Bank of India.
The
penalty was imposed on the lender for non-compliance with the
directions contained in 'Reserve Bank of India (Frauds Classification
and Reporting by Commercial Banks and Select FIs) Directions 2016'.
"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.
"A scrutiny was carried out by the RBI in a customer
account maintained with the bank and the examination of the scrutiny
report and all related correspondence pertaining to the same, revealed,
inter alia, non-compliance with the aforesaid directions to the extent
of delay in reporting of fraud in the said account to the RBI."
Consequently,
a notice was issued to the bank, the RBI said, 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, the 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."
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