India, May 12 -- The Reserve Bank of India (RBI), through an order dated April 29, 2025, has imposed a monetary penalty of ?1,72,80,000 (Rupees One Crore Seventy-Two Lakh Eighty Thousand) on State Bank of India (SBI) for non-compliance with specific regulatory directions. These include guidelines related to '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'.
The penalty has been levied under the powers conferred upon RBI by Section 47A(1)(c) of the Banking Regulation Act, 1949, read with Sections 46(4)(i) and 51(1).
This action follows the Statutor...