For which bank RBI imposes Rs. 40 lakh penalty for not complying with – InterviewSolution

InterviewSolution

1.	For which bank RBI imposes Rs. 40 lakh penalty for not complying with its directions on detection and impounding of counterfeit notes?
Answer» The Reserve Bank has slapped a penalty of Rs 40 lakh on SBI (State Bank of India) for not complying with its directions on detection and impounding of counterfeit notes. The Reserve Bank of India (RBI) has imposed, on March 01, 2018, a monetary penalty of Rs 4 million on State Bank of India for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes.

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