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The Reserve Bank of India imposes a penalty
of Rs.5,00,000/-(Rupees five lakh only) on State Bank of Indore, Indore, Madhya
Pradesh, under Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for violation
of instructions/guidelines issued by the Reserve Bank of India in regard to
opening of account and monitoring of cash transactions at one of their branches
during the year 2000.
P.V.Sadanandan
Manager
Press Release: 2005-2006/487
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