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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, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
The data show close to 72.5 million accounts have been opened till November 10 with an average 500,000 opened every day.
As per the norms, sanction for prosecution has to be decided within four months time of the CBI seeking such a permission.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
At present, 58 per cent of the population has bank account.
Banks have issues with their balance sheet profiles, say PSB executives.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
Tamil Nadu Election Candidates, TN 2016, Deepika Election Live, Thanjavur Election are some of the apps keeping people hooked to their handsets.
The government has also allowed individuals from the private sector to apply for the post
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
Ratnagiri Gas & Power Pvt Ltd, in charge of Dabhol assets since 2005, has admitted it is passing through a difficult phase in the absence of gas allocation and low recovery of dues from the Maharashtra State Electricity Distribution Company.
The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
Subrata Roy's parole, granted on humanitarian grounds following his mother's death.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
'Many who have experimented with online education will adopt a blended model once things return to normal,' edX CEO and founder Anant Agrawal tells Anjuli Bhargava.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
Financial services firm AnandRathi analysed the key points of the policy soon after it was announced.
Soon after unveiling of the Reserve Bank's mid-quarter policy review, country's largest lender State Bank of India on Friday said lending and deposit rates will go up in view of the festive season demand.
The Finance Ministry has invited private sector bankers.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
21 banks have launched United Payments Interface application.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
The agitation saw the participation of 147 farmers when it started, which number swelled to 325 by the time it ended.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
This is the first tranche of capital infusion for the fiscal and more funds would be provided in future depending upon the performance of PSU banks.
The incoming government will have to encourage private investments, bring down cost of capital
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The mergers will not involve any cash but only share swaps
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The global brokerage firm in March had trimmed the growth forecast to 6 per cent and in June again it revised the growth estimate to 5.8 per cent.
Financial shares were the top losers.
For the fortnight ended September 5, annual credit growth in the banking system fell to 9.68 per cent, data released by the Reserve Bank of India showed.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
According to the RBI's Financial Stability Report, the industry's gross bad-loan is at a 14-year high. As RBI's March 2017 deadline for banks to clean up soured credit looms closer, Shailajanand Mishra takes stock of just how bad the situation is.
Polling in Vellore was scheduled on April 18.
Following are certain important things that lenders consider while processing loans to self-employed...
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2014 made a lot of promises; can the new year deliver?
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