New Delhi: The Reserve Bank of India has imposed a penalty of Rs 2 crore on the country’s largest bank SBI. According to an official statement released on 16 March, SBI had not completed certain regulatory compliance due to which it incurred penalty.
The RBI imposed this penalty by issuing an order on 15 March 2021. “This penalty is imposed due to non-acceptance of regulatory regulations,” the RBI said in a press release.
RBI said that the financial position of the bank was examined on 31 March 2017 and 31 March 2018. Apart from this, the Risk Assessment Reports (RARs) of the bank were also investigated.
After this, the State Bank was asked to expand the commission paid to its employees. However, RBI was not satisfied with the reply given by the bank. After this, the RBI has imposed a penalty on him.