By Admin 
RBI Penalty on SBI: The country’s largest government bank SBI has been fined by the Reserve Bank of India for not following some regulators properly. Along with this, RBI has taken a similar step over Jan Small Finance Bank. RBI said that it has imposed a fine of 1,72,80,000 on State Bank of India (SBI).
According to RBI, SBI did not follow instructions like statutory and other restrictions on loan and advance and other restrictions, customer protection & nbsp; NBSP; NBSP; NBSP; NBSP; NBSP;"Text-Align: justify;"> RBI’s whip
RBI has done this action regulatory compliance. This will not make any direct impact on the security of the bank’s deposits of customers. & Nbsp; In another statement, RBI said that Jan Small Finance Bank Limited also said that a fine of Rs 1 crore has been imposed for not following the Banking Regulation Act 1949 provisions."Text-Align: justify;"> That is, in both cases, the RBI has made it clear that the fine imposed is on the basis of shortcomings in compliance. These fines do not comment on any transaction or validity of any transaction or agreement made by their customers on behalf of banks.
This means that the purpose of RBI is only to indicate that banks did not comply with regulatory guidelines properly. These fines do not mean that all transactions or agreements made between banks and customers are invalid or illegal. Significantly, when such regulations are not followed, such action has been taken from time to time from the central bank. & Nbsp;