Udayavni Special

RBI slaps Rs 7 cr penalty on SBI for violating various norms


PTI, Jul 16, 2019, 10:40 AM IST

Mumbai: The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Serum Institute seeks govt’s intervention over import of COVID vaccine raw material from US

All-woman COVID-19 vaccine booth launched in Karnataka

New mineral policy for 2021-26 on the anvil says CM BSY

GRSE lays keel of third advanced stealth frigate ship under Project 17A

Rijiju, Irani launch online training programme for women PE teachers, coaches

Day not far when country will be named after Narendra Modi: Mamata

5 countries including India account for about half of total child brides in world: UNICEF




Related Articles More

Govt to amend telecom licence norms to control sourcing from China, non-friendly destinations

New mineral policy for 2021-26 on the anvil says CM BSY

K’taka Budget 2021: Further developemnt of coastal tourism; new aquarium to be built

K’taka Budget 2021: Gaushala in each dist; scheme for rearing of new breeds of sheep, poultry

Future Group’s women employees writes to PM, seeks livelihood protection amid co’s tussle with Amazon

MUST WATCH

Women’s day special interview with Champa P Shetty

Udayavani special Budget Bulletin

Gender Stereotypes Faced By Women | Women’s day special Vox Pop | Udayavani

Udayavani News Bulletin 7-3-21

Crime File Exclusive :ATM Skimming case

Latest Additions

Kerala industrial charity outfit-turned-political party to contest from five assembly seats

Govt to amend telecom licence norms to control sourcing from China, non-friendly destinations

Serum Institute seeks govt’s intervention over import of COVID vaccine raw material from US

All-woman COVID-19 vaccine booth launched in Karnataka

New mineral policy for 2021-26 on the anvil says CM BSY

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.