Reportedly State Bank of india has been slapped with penalties by the Reserve Bank of india for a variety of violations of its directives. Meanwhile the aggregate fine to be paid by the largest government-owned bank is Rs 7 crore. Furthermore RBI has one standard set of rules and processes to be followed by all the public sector banks and then there are periodic notifications issued in order to streamline the functioning of the banks.
Accordingly the regulator then keeps an eye on banks not following these procedures and directives. While minor wrongdoings may be let off with a warning letter, serious breaches are met with fines and penalties. Moreover the present Rs 7-crore fine imposed on State Bank of india is due to a number of areas of wrongdoing. These include non-conformity with asset classification norms, violation of code of conduct for opening and operating current accounts and delay/default in reporting of data on Central Repository of Information on Large Credits. Banks would usually assign compliance officers to take care of most of these cases of reporting back to RBI.
Perhaps it needs to be clarified here that while RBI finds faults with the banks and imposes fines etc. at no point will these punishments affect the arrangements that the banks have entered into with their customers. Moreover these are merely compliance issues between the banks and their regulator, the RBI.
Why Chandrababu Naidu asked to vacate house? Reportedly the former Chief Minister of Andhra Pradesh N Chandrababu Naidu has received a (flood alert) notice to vacate his residence owing to the possibility of the Krishna flooding upstream. Naidu and 38 others, who live on properties on the Krishna Riverbank at Undavalli and Thulluru villages, received the notices on Friday.
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