 "State Bank of Travancore slips over 1% as RBI slaps penalty")
Shares of State Bank of Travancore have fallen by 1.5% to quote at Rs 402 on the BSE after the Reserve Bank of India (RBI) slapped a penalty of Rs 1 crore on the bank for violation of some of its instructions.
The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers. The penalty has been imposed for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC).
The RBI had set up CRILC to collect, store, and disseminate data on all borrowers' credit exposures.
The stock opened at Rs 403 and touched a low of Rs 402 on the BSE. By 11:15 am, a total of 500 shares have changed hands on the BSE.
