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RBI slaps fine of Rs 5.62 lakh on SBI for breaching currency chest norms: Media Report

By Religare

RBI slaps fine of Rs 5.62 lakh on SBI
The regulatory body, Reserve Bank of India has levied a penalty of Rs 5.62 lakh on State Bank of India for violation of the terms of agreement for opening and maintaining currency chests.

RBI in a statement said that the penalty has been levied in due to the deficiencies/lapses observed in the operation and maintenance of the Currency Chest at SBI, Secunderabad branch, said the media report.

In respect to the above, RBI stated to paragraph 3 (v) of the circular relating to the schem which relates to the violation of any term of the agreement with RBI for opening and maintaining currency chests for bank branches based on performance in rendering customer service, said the media report.

Moreover, RBI has also referred to paragraph 1 (e) of the circular relating to levy of penal interest for delayed reporting / wrong reporting / non-reporting of currency chest transactions and inclusion of ineligible amounts in currency chest balances.

Dion Global Solutions

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