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RBI SLAPS FINE OF RS ONE CRORE ON STATE BANK OF TRAVANCORE



The penalty has been imposed for the violation of the central bank's instructions, including reporting of data to Central Repository of Information on Large Credits (CRILC), a statement from RBI said.
The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on an SBI associate bank, State Bank of Travancore, for violation of some of its instructions.
"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 and its customers," RBI said in a statement on Monday.
The monetary penalty has been imposed for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC), it said.
The Reserve Bank has set up CRILC to collect, store, and disseminate data on all borrowers' credit exposures.
Banks are required to report all such information, including classification of an account as Special Mention Accounts (SMA), on all borrowers having aggregate fund-based and non-fund-based exposure of Rs 5 crore and above.
The statement further said RBI had issued a show cause notice to the bank for not having complied with the directions issued by the bank on submission of accurate data to the CRILC.
After considering the bank's reply, information submitted and documents furnished, the RBI came to the conclusion that the bank had violated the instructions or guidelines issued from time to time, which warranted the imposition of penalty on it. 

http://www.dnaindia.com/money/report-rbi-fines-rs-1-crore-as-monetary-penalty-on-state-bank-of-travancore-2162112
RBI SLAPS FINE OF RS ONE CRORE ON STATE BANK OF TRAVANCORE Reviewed by sambasivan srinivasan on 3:38:00 PM Rating: 5

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