 "SBI")
The Reserve Bank of India (RBI) on Tuesday said it has fined the country's largest lender State Bank of India (SBI) Rs 2 crore for contravention on norms related to payment of remuneration to employees in the form of commission.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the central bank said in its statement on its website.
The RBI said it fined the bank after finding the lapses while doing statutory audits for the year ended
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