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RBI fines Rs 1 crore penalty on SBI

RBI fines Rs 1 crore penalty on SBI

On 18th October 2021, The Reserve Bank of India (RBI) has fined a monetary penalty of Rs 1 crore on State Bank of India (SBI). State Bank of India (SBI) is India’s largest public lender bank.

  • RBI imposed a penalty for non-compliance with the directions contained in “RBI (Frauds classification and reporting by commercial banks and select FIs) directions 2016” under the provisions of section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

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About Reserve Bank of India (RBI) –

  • Governor: Shaktikanta Das
  • Headquarters: Mumbai
  • Founder: British Raj
  • Founded: 1 April 1935, Kolkata

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About State Bank of India (SBI) –

  • Chairperson: Dinesh Kumar Khara
  • Founded: 1 July 1955
  • Headquarters: Mumbai


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