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Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on which bank?
A)
Canara Bank
B)
State Bank of India
C)
ICICI Bank
D)
HDFC Bank

Correct Answer : Option (B) - State Bank of India


The Reserve Bank of India (RBI) by an order dated November 16 has imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of section 19 (2) of the Banking Regulation Act, 1949 (the Act), informed RBI.
 
"This action is based on 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," reads the official release.
 
As per the press note, the irregularities were identified after a Statutory Inspections for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial positions as on March 31, 2018, and March 31, 2019, and the examination of the Risk Assessment Reports, Inspection Report and all related correspondence pertaining to the same, revealed, inter-alia, contravention of section 19 of the Act.

Published On : November 28, 2021
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