RBI imposes Rs 50 lakh fine on SBI

State Bank of India (SBI) on Saturday said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.

The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, SBI said in a regulatory filing.