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After imposing a penalty on Axis Bank and Indian Overseas Bank (IOB) for non-compliance, the Reserve Bank of India (RBI) today imposed a monetary fine of Rs 4 million (Rs 40 lakh) on the State Bank of India (SBI) for violating it's rules on Detection and Impounding of Counterfeit Notes. The RBI imposed the fine under the provisions of Section 47A (1) (c) along with Section 46(4) (i) of the Banking Regulation Act, 1949.
“The Reserve Bank of India (RBI) has imposed, on March 01, 2018, a monetary penalty of Rs. 40 lakh on SBI. 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,” RBI said in a statement.
Giving the background for the penalty, the banking regulator said that the currency chest inspection of two branches of SBI revealed, inter alia, violation of the instructions issued by RBI on Detection and Impounding of Counterfeit Notes.
Note : RBI recently imposed a fine of Rs 3 crore and Rs 2 crore on Axis Bank and Indian Overseas Bank (IOB) for not complying with the known your customer (KYC) regulations. While SBI and IOB are state-run banks, Axis Bank is a private bank.
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