RBI imposes penalty of Rs 3 crore on SBM Bank

On Wednesday, the Reserve Bank imposed a penalty of Rs 3 crore on SBM Bank India owning to non-compliance of regulatory norms of SBM Bank Mauritius. These were amalgamated with SBM Bank India in November 2018.

According to a statement of Reserve Bank of India concerning the situation,  the penalty has been issued as a result of non-compliance by SBM Bank Mauritius with regards to certain provisions of directions directed by Cent....