RBI imposes penalty on State Bank of India

Published on Mar 17, 2021 10:27

State Bank of India announced that the Reserve Bank of India has imposed a penalty of Rs 2 crore on the Bank for contravention of provisions of Section 10 (1) (b) (ii) of the Banking Regulations Act, 1949 and specific directions of RBI issued to the Bank on payment of remuneration to employees in form of commission.