Mumbai, May 10 -- The Reserve Bank of India (RBI) has penalised the State Bank of India with Rs 1.72 crore for non-compliance with certain directions.

As per a statement from the RBI, the state-owned lender failed to comply certain certain directions issued by RBI on 'Loans and Advances- Statutory and Other Restrictions', 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions' and 'Opening of Current Accounts by Banks - Need for Discipline'.

This penalty has been imposed under the Banking Regulation Act, 1949.

A Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023.

Based on supervisory fi...