RBI imposes ?7-cr fine on SBI for violation of various regulatory guidelines

The Reserve Bank of India (RBI) on Monday imposed an aggregate penalty of ?7 crore on State Bank of India for non-compliance with directions issued by RBI.

SBI was found to have violated asset classification norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits. SBI was also found to have violated RBI’s directions on fraud risk management and classification and reporting of frauds.

This action 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, said the central bank.

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