RBI imposes penalties on SBI, Jana Small Finance Bank

New Delhi: The Reserve Bank of India (RBI) on Friday said it has imposed penalties on State Bank of India and Jana Small Finance Bank for certain deficiencies in compliance of norms.

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The RBI said a penalty of Rs 1,72,80,000 has been imposed on SBI for non-compliance with certain directions 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".

In another statement, the central bank said a penalty of Rs 1 crore has been imposed on Jana Small Finance Bank Ltd for contravention of certain provision of of the Banking Regulation Act, 1949.

In both cases, the RBI said the penalties are based on deficiencies in compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

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