RBI imposes penalty on State Bank of Indore, Madhya Pradesh
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5,00,000 on State Bank of Indore, Indore, Madhya Pradesh under Section 47(A)(1)(b) of the Banking Regulation Act, 1949. RBI said the bank violated its instructions and guidelines on opening of accounts and monitoring of cash transactions at one of its branches during the year 2000.
RBI imposed a monetary penalty under Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for violation of instructions/guidelines issued by the Reserve Bank of India regarding opening of account and monitoring of cash transactions at one of the bank's branches during the year 2000.
Severity Assessment
The action is a monetary penalty of Rs. 5 lakh, which falls in the >Rs. 2 lakh and <=Rs. 10 lakh band, giving severity 2.
State Bank of Indore must absorb the monetary penalty; the release does not describe any additional operational restriction. The action is a compliance sanction for past violations and does not indicate a continuing ban or suspension.
Published as State Bank of Indore, Indore, Madhya Pradesh
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