Question : Detection and Impounding of Counterfeit Notes

(a) whether the Reserve Bank of India (RBI) has penalised the State Bank of India (SBI) Rs. 40 lakhs for not complying with its directions on detection and impounding of counterfeit notes, if so, the details thereof;

(b) whether such action on a Central Bank is the result of finding deficiencies on SBI’s part in regulatory compliance with counterfeit note norms, if so, the details thereof;

(c) whether some other PSBs, besides SBI, have also been found deficient in the matter; and

(d) if so, the details thereof, bank-wise?

Minister of State in the Ministry of Finance

(a) and (b): Reserve Bank of India (RBI) has informed that a penalty of Rs 40 lakh was imposed on State Bank of India (SBI) for non-preservation of 157 counterfeit notes by SBI’s Etah and Mauranipur branches in violation of RBI’s instructions on ‘Detection and Impounding of Counterfeit Notes’.
(c) and (d): RBI has informed that no other similar case has been dealt with in respect of any other Public Sector Bank.
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