Categories: Banking

RBI imposes Rs 1 crore penalty on State Bank of India

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on India’s largest public lender State Bank of India (SBI). The penalty has been imposed for non-compliance with the directions contained in “RBI (Frauds classification and reporting by commercial banks and select FIs) directions 2016”.

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The penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Important takeaways for all competitive exams:

SBI Chairperson: Dinesh Kumar Khara.
SBI Headquarters: Mumbai.
SBI Founded: 1 July 1955.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.