State Bank Of India

Reserve Bank of India (RBI) has levied monetary penalty of Rs 1 crore on State Bank of India (SBI). Fine levied on SBI for non-compliance with the directions contained in 'Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’. The monetary penalty has been imposed in exercise of powers vested in RBI under the banking regulation act, 1949.

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.