Financial Daily
from THE HINDU group of publications
Friday, November 30, 2001
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Financial Daily from THE HINDU group of publications Friday, November 30, 2001 |
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Fine on SBI
Sri Vidye Meenambika, e-mail
This refers to the various opinions being expressed about the fine of $7.5 million paid by State Bank of India for the alleged unsafe practices and procedures followed by its US offices. The following issues must be considered before criticising SBI.
SBIs branches have been functioning for several years in the US and have been subject to audit by the local regulators year after year. Have they not noticed these unsafe practices till now?
The US is currently reeling under a persecution complex post-September 11 incidents, and the fine imposed on SBI seems like a manifestation of their fear psychosis.
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