Why did the Reserve Bank get angry with SBI, fined Rs 1.73 crore

Last Updated: May 09, 2025, 23:51 ISTRBI Penalty: The Reserve Bank has imposed a big penalty on SBI and Public Small Finance Bank for taking care of customer services. The biggest fine is on SBI. RBI has imposed a fine of Rs 1.73 crore on State Bank … Read more on 2 banks including SBI. HighlightsRBI imposed a fine of Rs 1.73 crore on SBI. Jan Small Finance Bank was fined Rs 1 crore. A fine was imposed in the services. Amid the conflicts with Pakistan, on the one hand, the government is reviewing the situation of banks and banking sectors, on the other hand, the RBI has imposed a fine on it, angry with the largest government bank like SBI. The Reserve Bank of India (RBI) said on Friday that it has imposed a fine on State Bank of India (SBI) and Jan Small Finance Bank for some shortcomings in compliance with criteria. The RBI said that the Reserve Bank has imposed this penalty for limiting the liability of customers in loans, customer protection, and unauthorized electronic banking transactions and not following the guidelines made by banks in the rules for unauthorized electronic banking transactions. RBI has imposed a fine of Rs 1,72,80,000 on SBI. In another statement, how much fine on public finance said that Jan Small Finance Bank Limited has been fined Rs 1 crore for violating some provisions of the Banking Regulation Act, 1949. The RBI said that the fine is based on deficiencies in compliance in both cases and aims to decide on the validity of any transaction or agreement made by banks with their customers. This means that banks have taken care of providing facilities to their customers, due to which this fine has been imposed. These banks were also fined, RBI had imposed a fine on 4 more banks earlier this month. It included ICICI Bank, Axis Bank, Bank of Maharashtra and IDBI Bank. The Reserve Bank had fined all these banks in total. The biggest fine is imposed on ICICI Bank, which has been asked to give 97.80 lakh rupees. RBI has imposed a fine of Rs 29.60 lakh on Axis Bank, Rs 31.80 lakh on Bank of Maharashtra and Rs 31.80 lakh on IDBI Bank. Bank of Baroda has been fined Rs 61.40 lakh. Pramod Kumar Tiwari Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist … Read more Pramod Kumar Tiwari likes to cover the stock market, investment tips, tax and personal finance. Explains complex subjects very easily. In newspapers, dozens of columns have also been written on personal finance. Journalist … Read more Location: New Delhi, Delhiomebusiness SBI why Reserve Bank got angry, imposed a fine of Rs 1.73 crore

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