A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on Loans and Advances - Statutory and Other Restrictions and Guidelines on Management of Intra-Group Transactions and Exposures , RBI said in a statement. In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on Indian Bank for contravention of certain directions on Loans and Advances - Statutory and Other Restrictions , KYC, and Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 .
The penalty 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.