2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What amount of penalty has been imposed by RBI on SBI for non-compliance of RBI directives related to Frauds classification and reporting by commercial banks and select FIs?
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Rs 50 lakh
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Rs 75 lakh
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Rs 2 crore
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Rs 1 crore
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Explanation:
Detailed explanation-1: -Press Releases. The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).
Detailed explanation-2: -RBI imposes monetary penalty on Kotak Mahindra Bank Limited This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Act.
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