In a firm regulatory step, the Reserve Bank of India (RBI) has levied monetary penalties on State Bank of India (SBI) and Jana Small Finance Bank for failing to comply with key banking norms. The action reflects RBI's commitment to enforcing regulatory discipline and safeguarding customer interests.
📌 Details of Penalties (Announced on May 9, 2025):
SBI: Fined ₹1.72 crore for non-compliance with directions related to loans and customer liability.
Jana Small Finance Bank: Fined ₹1 crore for violations under the Banking Regulation Act, 1949.
The penalties were imposed after a thorough examination of both banks’ operations, highlighting gaps in adherence to RBI’s regulatory framework.
This move reaffirms the RBI’s zero-tolerance approach toward governance lapses in the banking sector.