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Saturday, Oct 22, 2005
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Bank fined

Our Bureau

MUMBAI: The Reserve Bank of India has imposed a penalty of Rs 5 lakh on State Bank of Indore for violation of instructions in regard to opening of account and monitoring of cash transactions at one of its branches in 2000.

In a press release, RBI said the penalty has been imposed under Section 47 (A) of the Banking Regulation Act, 1949.

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