State Bank Of India

State Bank of India's (SBI’s) Hong Kong branch has been penalized by Hong Kong central bank for alleged violation of local anti-money laundering and counter terror financing laws. The fine marks the first time the Hong Kong Monetary Authority (HKMA) has taken disciplinary action under Hong Kong's Anti Money-Laundering Ordinance brought into force in 2012. Besides paying the fine of $1 million (Hong Kong dollar 7.5 million), the bank must also submit an independent report to the HKMA outlining the remedial action it will take to tackle these internal control failings.

The bank has posted a rise of 65.52% in its net profit at Rs 134.42 crore for the quarter ended March 31, 2015 as compared to Rs 81.21 crore for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 1308.04 crore for quarter under review as compared to Rs 1172.58 crore for the quarter ended March 31, 2014.