Recorded RBI impact
Fine: Rs 1.00 Cr
Monetary penalty · Fresh imposition
Published by RBI
4 Jan 2016
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹10 million on State Bank of Travancore for violating its instructions, including those relating to reporting of data to the Central Repository of Information on Large Credits (CRILC). RBI said the bank had not complied with directions on submission of accurate data to CRILC and, after examining the bank’s reply and submissions, concluded that the violations warranted penalty under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Why RBI Acted
RBI imposed a monetary penalty under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The penalty was levied for violations of RBI instructions/guidelines, specifically deficiencies in compliance with directions on submission and reporting of accurate data to the Central Repository of Information on Large Credits (CRILC).
Operating Impact
State Bank of Travancore must absorb the monetary penalty and ensure stronger compliance with RBI reporting requirements, particularly accurate CRILC submissions. The action has no stated operational restriction, but it signals regulatory scrutiny over the bank’s disclosure and reporting controls.
Regulatory Basis
- Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 1.00 Cr
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Bank