The Reserve Bank of India has imposed monetary penalty on 14 banks, including State Bank of India (SBI), Bandhan Bank, Bank of Baroda for various rule violations. RBI has also imposed ₹50 lakh fine on the State Bank of India (SBI). The penalties have been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949, as applicable, the RBI said in a statement. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers," RBI added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint July 07, 2021 15:45 UTC