State Bank of India

RBI imposed a monetary penalty on State Bank of India for multiple compliance lapses. The breaches involved lending norms, customer protection in unauthorised electronic transactions, and current account discipline.

State Bank of India must absorb the penalty and address the underlying compliance weaknesses identified by RBI. The order does not itself restrict operations, but it signals ongoing supervisory scrutiny over lending practices, customer compensation timelines for unauthorised electronic transactions, and current account handling. Depositors and customers are not directly barred or capped by this order, though the bank may face further regulatory action if similar breaches persist.

• Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed a ₹2 crore penalty on State Bank of India for BR Act contraventions found during supervisory inspection. The violations related to excessive pledgee shareholding and delayed transfer of eligible amounts to the Depositor Education and Awareness Fund.

State Bank of India must absorb the penalty and the finding serves as a regulatory censure for the identified BR Act breaches. The release does not indicate any operational restriction on the bank or direct customer impact beyond the compliance lapse noted by RBI.

• sub-section (2) of Section 19 of the Banking Regulation Act, 1949
• sub-section (2) of Section 26A of the Banking Regulation Act, 1949 read with the Depositor Education Awareness Fund Scheme, 2014
• Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of Rs 1.30 crore on State Bank of India for non-compliance with directions on loans and advances and intra-group exposure norms.

State Bank of India must absorb the monetary penalty and address the compliance gaps identified by RBI. The release does not describe any operational restriction on the bank, but it signals heightened scrutiny around project-finance due diligence and intra-group exposure computation going forward.

• Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed a ₹1 crore penalty on State Bank of India for breaching statutory limits on shares held as pledgee in borrower companies.

SBI must absorb the penalty and address the compliance gap identified by RBI. The order does not invalidate customer transactions, but it signals a supervisory breach and may prompt tighter internal controls over shareholding limits and pledge-related exposures.

• sub-section (2) of section 19 of the Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act

RBI imposed a monetary penalty of Rs 1 crore on State Bank of India for non-compliance with fraud reporting directions. The violation related to delay in reporting a fraud in a customer account.

State Bank of India must bear the monetary penalty, and the order serves as a regulatory censure for delayed fraud reporting. No operational restriction is described, but the bank remains accountable for compliance with RBI fraud-reporting requirements going forward.

• section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on fourteen banks for various compliance failures. The penalties ranged from Rs 50 lakh to Rs 1 crore.

All fourteen banks must absorb the monetary penalty and address the cited compliance weaknesses. The action has no stated direct effect on customer transactions, but it signals supervisory scrutiny of lending, exposure reporting, and statutory compliance practices.

• Section 19(2) of Banking Regulation Act, 1949
• Section 20 (1) of Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949

This RBI action affected 14 entities. This profile is linked as bulk member.

RBI imposed a Rs 2 crore penalty on State Bank of India for regulatory contraventions tied to employee remuneration paid as commission. The bank was found to have breached the Banking Regulation Act and RBI directions.

State Bank of India must absorb the monetary penalty and address the compliance lapses identified by RBI. The order does not invalidate customer transactions, but it signals a regulatory breach and may require tighter internal controls around employee remuneration practices and related compliance oversight.

• section 10 (1) (b) (ii) of the Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act

RBI imposed monetary penalties on eleven banks for delayed or non-reporting of frauds under its fraud classification and reporting directions.

The affected banks must absorb the monetary penalties and are put on notice for lapses in fraud reporting and regulatory compliance. The action has no stated withdrawal or operational ban, but it underscores expectations for timely fraud reporting to RBI going forward.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.

RBI imposed a ₹7 crore penalty on State Bank of India for multiple regulatory compliance failures. The breaches related to IRAC norms, current account conduct, CRILC reporting, and fraud risk management.

State Bank of India must bear the penalty and absorb the regulatory censure. The order does not directly alter customer transactions, but it signals compliance deficiencies in the bank’s internal controls and reporting obligations, particularly around asset classification, current-account practices, CRILC submissions, and fraud detection/reporting.

• section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on four banks for non-compliance with several supervisory directions. The banks named are Bank of Baroda, Corporation Bank, State Bank of India, and Union Bank of India.

The named banks are required to bear the imposed penalties and address the compliance deficiencies identified by RBI. The action has no stated direct restriction on banking operations or customer access, but it signals supervisory findings that may affect regulatory scrutiny going forward.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as bulk member.

RBI imposed a monetary penalty of ₹4 million on State Bank of India for non-compliance with instructions on detection and impounding of counterfeit notes. The violation was identified during inspection of two branches.

State Bank of India must absorb the ₹4 million penalty; no operational restriction is described in the release. The action serves as a compliance enforcement measure and does not invalidate customer transactions or agreements.

• Section 47A (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty on ICICI Bank Ltd. for KYC/AML violations linked to fictitious accounts used in a fraud. Similar scrutiny was also carried out for four other banks, but only two were penalized.

ICICI Bank Ltd. must absorb the penalty and, along with the other scrutinized banks, strengthen KYC controls and transaction monitoring to prevent fictitious or unauthorized accounts from being opened and used undetected. The release does not indicate any operating restriction beyond the penalty, but it signals the need for tighter compliance processes and remedial controls.

• Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 5 entities. This profile is linked as bulk member.

RBI penalized State Bank of India for lapses related to currency chest operations at its Secunderabad branch. The penalty was imposed for violation of RBI agreement terms.

State Bank of India must absorb the monetary penalty and address the deficiencies noted in currency chest operations and maintenance. The action does not describe any operational restriction beyond the fine, but it signals compliance expectations for the bank’s currency chest handling.

• para 3 (v) of circular DCM (CC) No.G-3/03.39.01/2012-13 dated July 02, 2012
• para 1 (e) of DCM (CC) No.G-2/03.35.01/2012-13 dated July 02, 2012

RBI imposed monetary penalties on 22 banks for various KYC/AML and related compliance violations. The release also says seven other banks were only cautioned, not fined.

Each of the 22 named banks must bear the monetary penalty and face the compliance finding recorded by RBI. The action does not impose an ongoing operational restriction, but it signals supervisory concerns over KYC/AML and transaction-monitoring controls.

• Section 47(A)(1)(c) of the Banking Regulation Act, 1949
• Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 22 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 19 commercial banks for violating its derivatives-related instructions. The banks were found to have failed on due diligence, suitability checks, and related verification requirements.

Each of the 19 named banks must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not impose an ongoing operational restriction, but it signals scrutiny over derivatives sales, suitability checks, and underlying verification controls.

• Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 19 entities. This profile is linked as bulk member.