RBI imposes penalty on SBI of Rs 2 crore

According to a release, the Reserve Bank of India on Tuesday imposed a penalty of Rs 2 crore on State Bank of India for contravention of norms, including specific directions to the lender on remuneration to its employees in the form of commission. The penalty has been imposed for contravention of certain sections of Banking Regulation Act and its specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission. It said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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