Mumbai: On Monday, India's Reserve Bank said it imposed a penalty of Rs 7 crore on India's State Bank for non-compliance with multiple standards.
"This action is based on regulatory compliance deficiencies and is not designed to rule on the validity of any transaction or agreement that the bank has concluded with its clients," the RBI stated in a declaration.
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.
