RBI imposes Rs 2 crore penalty on SBI

The Reserve Bank of India (RBI) has announced on March 16, 2021 that it has fined India’s largest lending bank “State Bank of India (SBI)” with Rs 2 crore after it failed to follow the regulations in payment of remuneration to its employees through the commissions. This move was taken with the central bank’s focus on regulatory enforcement issues. This move is not meant to be the judgment on merits of any transaction or arrangement between SBI and its customers

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