Daijiworld Media Network - Mumbai
Mumbai, May 10: The Reserve Bank of India (RBI) on Friday imposed monetary penalties on State Bank of India (SBI) and Jana Small Finance Bank for non-compliance with regulatory norms.
SBI was fined RS 1.72 cr for failing to comply with RBI guidelines related to loans and advances, limiting customer liability in unauthorized electronic banking transactions, and irregularities in opening current accounts.
Meanwhile, Jana Small Finance Bank was penalised Rs 1 cr for breaching certain provisions of the Banking Regulation Act, 1949.
In a statement, the RBI clarified that the penalties were imposed for regulatory deficiencies and do not question the validity of any transactions or agreements made with customers. “These actions are without prejudice to any other regulatory or supervisory action the RBI may initiate,” it added.