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RBI imposes penalty of Rs 10 crore on State Bank of Mysore

State Bank of Mysore announced that the Reserve Bank of India in exercise of power conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 has imposed a penalty of Rs 10 crore on the Bank on account of few lapses in adherence to KYC/AML guidelines.

The Bank has taken necessary corrective measures/action plans to strengthen its internal control mechanisms to avoid such recurrence.

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