Reserve Bank has imposed a penalty of one crore rupees on an SBI associate bank, State Bank of Travancore, for violation of some of its instructions. RBI said, the monetary penalty has been imposed for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC).
RBI set up CRILC to collect, store, and disseminate data on all borrowers’ credit exposures. Banks are required to report all such information, including classification of an account as Special Mention Accounts (SMA), on all borrowers having aggregate fund-based and non-fund-based exposure of 5 crore rupees and above.