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Central bank fines State Bank of India for breaching norms on counterfeit notes

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Central bank fines State Bank of India for breaching norms on counterfeit notes

The Reserve Bank of India imposed a penalty of 4 million rupees on State Bank of India for failing to comply with the central bank's directions on the detection and impounding of counterfeit notes.

The central bank discovered the violation during an inspection of two State Bank of India branches.

As of March 7, US$1 was equivalent to 64.91 Indian rupees.