Recorded RBI impact
Fine: Rs 5.00 L
Monetary penalty · Fresh imposition
Published by RBI
20 Oct 2005
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.
Why RBI Acted
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.
Operating Impact
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.
Regulatory Basis
- Section 47(A)(1)(b) of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 5.00 L
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Bank