RBI imposes penalty on SBI

Fined for violation of terms of agreement with RBI for opening, maintaining currency chests

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5,62,555 on July 12 on State Bank of India (SBI), said RBI in a press release on Wednesday.

The penalty was imposed for violation of the terms of agreement with RBI for opening and maintaining currency chests.

The penalty has been levied in connection with the deficiencies/lapses observed in the operation and maintenance of the currency chest at SBI, Secunderabad branch.