RBI fines SBI for not complying with regulatory norms

The Reserve Bank of India (RBI) has imposed a fine of Rs 7 crore on State Bank of India (SBI) for failing to comply with the regulatory guidelines on asset classification and income recognitions and norms for opening current accounts. The RBI order, passed on Monday. said the fine on the PSU banking major is also for failing to report data on corporate accounts to the Central Repository of Information on large credits (CRILC) and failing to implement fraud risk management.

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