The Reserve Bank of India (RBI) has charged a fine of Rs 1 crore on an SBI associate bank, State Bank of Travancore, for violation of some of its rules and regulations.
The financial fine has been imposed for violation of its orders including coverage of data to Central Repository of Information on Large Credits (CRILC).
The Reserve Bank has set up CRILC to collect, store, and circulate data on all credit exposures of borrowers.
Banks are required to report all such information, including categorization of an account as Special Mention Accounts (SMA), on all borrowers having collection fund-based and non-fund-based contact of Rs 5 crore and above.
