RBI imposes penalty on State Bank of Bikaner and Jaipur

Under Banking Regulation Act

State Bank of Bikaner and Jaipur announced that Reserve Bank of India has imposed an aggregate penalty of Rs. 2 crore on the Bank in exercise of the powers conferred under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 in case of advance import remittance irregularities.

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