The Reserve Bank of India (RBI) on Monday imposed a fine of Rs 1 crore on the country's largest Bank, the State Bank of India (SBI), for non-compliance with the central bank's guidelines on segmentation and reporting by commercial banks.
"This action is based on legal compliance errors and is not intended to disclose the operation of any agreement or agreement entered into by the bank and its customers," the RBI said in a statement.
Upon closer inspection of the customer account held by the SBI, the central bank found that the bank had delayed fraudulent reporting on the account stated in the RBI. The RBI issued a notice to the bank asking why the fines should not be levied for non-compliance and after considering the bank's response to the charges against it, the RBI came to the conclusion that the charges were justified and justified.
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