RBI imposed fine of Rs. 5.6 lakh on SBI for norms violation

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RBI imposed fine of Rs. 5.6 lakh on SBI for norms violation

#1 Postby Shivani » Wed Aug 07, 2013 5:05 pm

The RBI on Wednesday said that it has imposed a fine of about Rs. 5.6 lakh on State Bank of India (SBI) for violation of currency chest norms.It has imposed a penalty of Rs. 5,62,555 on July 12, 2013 on SBI for violation of the terms of agreement with RBI .This penalty has been levied in connection with the deficiencies/lapses observed in the operation and maintenance of the Currency Chest at SBI, Secunderabad branch.

SBI, the country’s largest bank, was last month among 22 lenders penalized by RBI for violating know-your-customer norms and anti-money laundering guidelines, the same was alleged by Cobrapost..It altogether alleges that the financial sector entities had offered to open bank accounts and lockers for customers without following KYC norms, convert their black money into white and obtain fictitious PAN cards. On th basis of this investigation SBI was fined Rs.3 crore.

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