Live
- Drone technology for crime control
- Do you support caste census? Which one will you prefer caste census or skill census?
- DSS to launch gender campaign today
- MJCET holds first-ever 24-hr datathon
- TDP, JSP, YSRCP urged to oppose Wakf Bill
- T-SAT to launch new programme on ‘General Studies’
- Cops silence deafening noise of 100 bikes
- Guv inaugurates medical screening camp for Raj Bhavan staff
- Job fair for pharmacist roles tomorrow
- New ration cards to be issued in January
RBI imposes monetary penalty on SBI for deficiencies in regulatory compliance
Reserve Bank of India
The RBI by an order dated October 18, 2021, has imposed a monetary penalty of Rs 1 crore on the State Bank of India for non-compliance with the directions contained in ‘Reserve Bank of India directions 2016’.
The Reserve Bank of India (RBI) by an order dated October 18, 2021, has imposed a monetary penalty of Rs 1 crore on the State Bank of India 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 penalty has been imposed in 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, a press release issued by the banking regulator said. The release further said that 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 release said, 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 RBI. In furtherance to the same, a notice was issued to the bank 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, 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.
