The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes. An RBI notification issued from Mumbai informs that the action is based on deficiencies in regulatory compliance found at two of the bank’s currency chests.
The regulator had carried out an inspection of currency chests at two branches of the country’s largest lender and noticed certain violation, following which a show cause notice was issued in the first week of January.
Source- AIR World Service
Static/Current Takeaways Important for Exams-
- SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 01st July 1955.
- Dr Urjit Patel is the 24th Governor of RBI.
- RBI Headquarters in Mumbai.