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The Reserve Bank of India imposed a Rs 3 crore penalty on SBM Bank (India) for non-compliance of regulatory norms by SBM Bank (Mauritius).(REUTERS Photo)

RBI imposes Rs 3 crore penalty on SBM Bank’s India branch over flouting norms

Mumbai | By Press Trust of India
UPDATED ON OCT 16, 2019 09:51 PM IST
A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions.
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