India, July 16 -- The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country's largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.
The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.
Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing o...