RBI fines Union Bank, SBI for flouting norms

The Reserve Bank of India has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines.

SBI was fined Rs 7 crore for non-compliance on Income Recognition and Asset Classification norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits, and fraud risk management and classification and reporting of frauds.

The central bank also imposed a Rs 10 lakh fine on Union Bank of India for non compliance with the directions on the cyber security framework in banks.

Static/Current Takeaways Important For SBI PO/Clerk Mains:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Source: The Hindu

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