Case Brief
The Reserve Bank of India imposed a monetary penalty on State Bank of India on March 01, 2018 for non-compliance with RBI directions on Detection and Impounding of Counterfeit Notes. The penalty was based on findings from a currency chest inspection of two branches, which revealed violations of the relevant instructions. RBI issued a show-cause notice on January 05, 2018, considered the bank’s reply and oral submissions, and then concluded that the charges were substantiated and warranted the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 40.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty