Mumbai: The Reserve Bank of India (RBI) imposed a fine of Rs 1 crore on State Bank of India (SBI). The apex bank fined the SBI for failing to comply with fraud classification criteria.
RBI said that after checking into accounts kept with SBI it found that the bank was weak in reporting frauds so they issued a notice to the bank. RBI updated that the fine was imposed after considering the bank’s reply to the notice and oral submissions made by the bank in the personal hearing.
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In July RBI had fined SBI Rs 50 lakh for deficiencies in regulatory compliance. Earlier today, RBI had imposed a penalty of Rs 1.95 crore on Standard Chartered Bank for failing to report a cyber security incident.
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