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RBI imposes a fine of Rs 2 crore on SBI

RBI fines SBI Rs 2 crore Penalty for failure to comply with Central Bank instructions. The order was issued on the last day. RBI fines SBI employees for non-compliance with RBI directives. Earlier, the RBI had issued a notice to the SBI asking it to show reasons for not imposing the fine.

“The Reserve Bank of India (RBI) has, by an order dated 15 March 2021, imposed a monetary penalty of ?2 crore SBI for contravention of provisions of section 10 (1) (b) (ii) of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission,” the central bank said in a statement.

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