National desk:
In a tough regulatory move, the Reserve Bank of India (RBI) has imposed monetary penalties on two banks - State Bank of India (SBI) and Jana Small Finance Bank - for deficiencies in compliance with banking norms. The action underlines the central bank's strict approach to ensure discipline and customer protection in India's financial sector.
RBI announced on May 9, 2025 that it has imposed a penalty of ₹1.72 crore on SBI and ₹1 crore on Jana Small Finance Bank. These penalties have been imposed for non-compliance of specific directions related to lending, customer liability and regulatory provisions under the Banking Regulation Act, 1949.
RBI said these penalties are not a judgment on the validity of any specific banking transaction or agreement.
This action has been taken to ensure better compliance with regulatory requirements.
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