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RBI slaps Rs 1 crore penalty on State Bank of India

Shortpedia

Content Team
Image Credit: financial express

The Reserve Bank of India fined State Bank of India Rs 1 crore on Monday for failing to comply with fraud classification criteria. The regulator stated that it had conducted an investigation into accounts kept with SBI and discovered that it was weak in reporting frauds. It also issued a notice to the lender, instructing it to show cause why a penalty should not be imposed on it for failing to comply with the stated directives.