Why did RBI Slaps Rs 1 Crore Penalty On State Bank Of India?
The Reserve Bank of India (RBI) fined SBI with Rs 1 crore for failing to meet fraud classification standards. When the regulator examined SBI's accounts, it determined that the company was not properly reporting frauds. According to a statement made by the regulator, the Reserve Bank of India (RBI) conducted an examination of a client account maintained by the bank. It also provided the lender with a notice demanding that it shows the cause for why a penalty should not be imposed.