India's largest bank gets fined for breaking 'income classification' laws

Patna: State Bank of India remains shut during a nationwide strike called by the United Forum of Bank Unions (UFBU) against bank mergers and pay revision, in Patna, on Dec 26, 2018.
The Reserve Bank of India on Monday said that it has imposed a penalty of Rs 7 crore on State Bank of India for non-compliance of several norms.

"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," the RBI said in a statement.

According to the RBI, the statutory inspection of the bank with reference to its financial position as on March 31, 2017 revealed non-compliance with "Income Recognition and Asset Classification" norms and reporting of data on "Central Repository of Information on Large Credits", among others.
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