SBI to Pay Rs. 40 Lakh Fine Over Counterfeit Notes
The Reserve Bank of India (RBI) which had earlier fined Indian Overseas Bank and Axis Bank for breaching different regulations has now slapped a fine of Rs. 40 lakh on public sector State Bank of India over counterfeit notes.
RBI said that it has imposed a fine of Rs. 4 million on SBI as it found the lender non-compliant with the directions issued for the handling of counterfeit notes.
SBI has also been asked by the central bank to give its reasoning as to why the penalty should not be imposed.