Mumbai: The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of 10 million rand (₹4.5 crore) on the State Bank of India‘s South Africa branch, the bank said in a notice to the exchange.
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
This penalty was imposed under Section 45C of the country’s Financial Intelligence Centre Act 38 of 2001 (FIC Act) for non-compliance with certain provisions of the FIC Act or other related orders or directives.
The bank did not elaborate on the details of the compliance.
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