RBI imposes Rs 5 crore penalty on four state banks

MUMBAI: The Reserve Bank on Wednesday imposed penalties of Rs 5 crore on four public sector banks including SBI and Corporation Bank for violation of various banking norms. The monetary penalty on the banks has been imposed for noncompliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts, RBI said. A penalty of Rs 2 crore has been imposed on Corporation Bank and Rs 1 crore each State Bank of India (SBI), Bank of Baroda and Union Bank of India.