The Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 7 crore on State Bank of India (SBI) for non-compliance with the directions issued by it. The statutory inspection of the Bank with reference to its financial position as on March 31, 2017 revealed inter alia violation of directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms etc.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
