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 March 31,
2017 and March 31, 2018. The central bank also checked the risk assessment
reports (RARs) and examined the correspondence with the bank regarding payment
of remuneration to its employees in the form of commission etc. While the
details are not very evident, but a source in the bank said it could be
something to do with the incentive scheme introduced by the bank during the
period under consideration.
Business Standard, 17th March 2021
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