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Image Source : PTI FILE RBI imposes Rs 1 crore penalty on SBI over non-compliance 
The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs one crore on the State Bank of India (SBI) for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016.

“This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the Reserve Bank of India (RBI) said in a statement. 

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