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The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of ₹40 lakh on State Bank of India for non-compliance with directions issued by it on ‘Detection and impounding of counterfeit notes’.
The central bank, in a statement, said the currency chest inspection of two branches of SBI revealed, among other things, violation of the instructions issued by it on detection and impounding of counterfeit notes. Based on the inspection report and other relevant documents, the RBI said a notice, dated January 5, 2018, was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.
“After considering the bank’s reply and oral submissions made in the personal hearing, the RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions/guidelines were substantiated and warranted imposition of monetary penalty,” the statement said.
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