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SBT fined Rs 1 crore

The Reserve Bank has fined State Bank of Travancore for violation of some of its instructions. The bank has been asped to pay a penalty of Rs 1 crore for violation of guidances, including reporting of data to the Central Repository of Information on Large Credits. However, RBI said 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 and its customers. The repository has been set up by RBI to collect, store, and disseminate data on all borrowers’ credit exposures and banks are required to report all such information, including classification of an account as SMA (Special Mention Accounts), on all borrowers having aggregate fund-based and non-fund-based exposure of Rs 5 crore and above.

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