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RBI Imposed Penalty on SBI

Published on October 19, 2021
Current Context: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI).
RBI Imposed Penalty on SBI
  • A penalty of Rs 1 crore was imposed on SBI.
  • The penalty was imposed because SBI was found non-compliance with the rules mentioned in ‘RBI in terms of Frauds classification and reporting by commercial banks and select FIs directions 2016’.
  • The penalty was imposed in the exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4) (i) and 51(1) of the Banking Regulation Act, 1949.
  • Static Part: 
    • HQ of RBI and SBI: Mumbai
    • Governor of RBI: Shaktikanta Das
    • Chairperson of SBI: Dinesh Kumar Khara

Question: 

Q.1 What amount of penalty was imposed by RBI on SBI as the SBI was found non-compliance with the rules mentioned in ‘RBI in terms of Frauds classification and reporting by commercial banks and select FIs directions 2016’?
a. Rs 2 crore
b. Rs 50 lakh
c Rs 70 lakh
d. Rs 1 crore
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