The Reserve Bank of India (RBI) has fined the State Bank of India (SBI) with a penalty of Rs 1 crore and Standard Chartered Bank India with a penalty of Rs 1.95 crore.
The RBI had issued separate notices to both banks, asking them to justify why penalties should not be imposed. After reviewing the replies, oral submissions, and additional submissions from the banks, the RBI concluded that non-compliance with various norms was substantiated.
The monetary penalties were imposed based on the extent of non-compliance with the aforementioned directions. The RBI exercised its powers under the Banking Regulation Act 1949 to impose the penalties.
The RBI clarified that the action was taken to address deficiencies in regulatory compliance and does not question the validity of any transactions or agreements between the banks and their customers.
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