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RBI slaps Rs 7-crore penalty on SBI for violating various regulatory norms

This is one of the highest penalty amounts on any bank in the recent past

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RBI slaps Rs 7-crore penalty on SBI for violating various regulatory norms

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  1. BUSINESS STANDARD RBI slaps Rs 7-crore penalty on SBI for violating various regulatory norms The Reserve Bank of India (RBI) has obligatory a penalty of Rs 7 crore on State Bank of India (SBI) for non-compliance with regulatory norms such as income recognition and asset classification (IRAC) and sharing information. This is one of the highest penalty amounts on any bank in the recent past.

  2. SBI, the country’s biggest bank, also failed to comply with directions on opening and operating current accounts, news of information of data to the Central Repository of Information on Large Credits (CRILC), and reporting of frauds. The RBI had carried out the statutory inspection to assess SBI’s monetary position on March 31, 2017. The inspection revealed non-compliance with directions on IRAC norms, sharing of data regarding customers with different banks, reporting of data, fraud risk management, and classification and reporting of frauds. After considering the bank’s reply and oral submissions, the RBI came to the conclusion that charges of non-compliance were verified and secured imposition of financial penalty. Read More

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