SBI fined US$9,000 for violating currency chest norms

Second penalty in two months for State Bank of India.

The Reserve Bank of India, the central bank, fined SBI for violation of the terms of agreement with RBI for opening and maintaining currency chests.

The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI.

In the Indian banking system, currency chests are intended to facilitate the distribution, exchange and remittance of notes, including one rupee notes and rupee coins and small coins.

Last month, RBI imposed a penalty of US$490,000 on SBI for violating know your customer/anti-money laundering norms.

RBI said that after considering the facts of each case, it came to conclusion that some of the violations were substantiated and warranted imposition of a monetary penalty.

SBI is the largest banking and financial services company in India by assets.

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