Current Affairs   »   RBI Imposes Rs 2 Crore Fine...

RBI Imposes Rs 2 Crore Fine on State Bank of India

RBI Imposes Rs 2 Crore Fine on State Bank of India_50.1

The Reserve Bank of India (RBI) has imposed a monetary penalty of 2 crores on the State Bank of India (SBI) for contravention of certain provisions of Section 10 of the Banking Regulation (BR) Act, 1949. The central bank’s specific directions issued to the bank on payment of remuneration to employees in the form of commission. This penalty has been imposed in exercise of powers vested with RBI under the provisions of the BR Act. The penalty is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

RBI said the statutory inspection of the bank with reference to its financial position as of March 31, 2017, and March 31, 2018, and the Risk Assessment Reports (RARs) pertaining thereto, and examination of the correspondence with the bank regarding payment of remuneration to its employees in the form of commission, revealed, inter alia, contravention of the provisions of the Act and aforesaid specific directions issued by RBI.

Important takeaways for all competitive exams:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
  • SBI Chairperson: Dinesh Kumar Khara.
  • SBI Headquarters: Mumbai.
  • SBI Founded: 1 July 1955.

Find More Banking News Here

RBI Imposes Rs 2 Crore Fine on State Bank of India_60.1

RBI Imposes Rs 2 Crore Fine on State Bank of India_70.1

Thank You, Your details have been submitted we will get back to you.


Leave a comment

Your email address will not be published. Required fields are marked *