State Bank of Bikaner and Jaipur has informed that Reserve Bank of India has imposed an aggregate penalty of Rs 20 million on the Bank in exercise of the powers conferred under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 in case of advance import remittance irregularities. The Bank has taken necessary corrective measures/action plans to strengthen its internal control mechanisms to avoid such recurrence.
The above information is a part of company’s filings submitted to BSE.