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.
