MoneyWorks4Me

RBI imposes Rs 50 lakh fine on SBI

05 Aug 2019 Evaluate

The Reserve Bank of India (RBI) has imposed a penalty on State Bank of India (SBI) of Rs 50 lakh for non-compliance relating to reporting of frauds. The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty on the bank for non-compliance with its directions relating to reporting of frauds.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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