INCOME RECOGNITION AND ASSET CLASSIFICATION NORMS (IRAC)

July 16, 2019

The Reserve Bank of India (RBI) has imposed monetary penalty of ₹ 7 crore on State Bank of India (SBI).

About: 

  • The Reserve Bank of India (RBI) has imposed monetary penalty of ₹ 7 crore on SBI for non-compliance with the directions issued by RBI on: 
    • Income Recognition and Asset Classification (IRAC) norms and 

    • code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC). 



  • This penalty has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949.