RBI slaps Rs 7 crore fine on SBI for violating norms : Bulletin: Business Today
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RBI slaps Rs 7 crore fine on SBI for violating norms

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July 16, 2019

Sagarmala project created nearly 10,000 jobs in the last 3 years, says minister

Government on Monday said it has created about 10,000 jobs under its ambitious 'Sagarmala' initiative during the last three years. The Sagarmala programme is an initiative by the government of India to leverage the country's coastline and inland waterways to boost the logistics sector. As of May 2019, 334 projects have been initiated across the country under this programme, the minister said.

RBI slaps Rs 7 crore fine on SBI for violating norms


The Reserve Bank of India Monday said it has slapped a penalty of Rs 7 crore on the country's largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others. The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Facebook must meet 'very high standard' for digital currency: Treasury chief

Facebook will need to meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

GST collection of states, union territories increased to Rs 5.18 lakh crore in FY19, says Nirmala Sitharaman

GST collection of states and union territories increased to Rs 5.18 lakh crore in the financial year 2018-19, a significant rise from Rs 2.91 lakh crore in 2017-18, Union Finance Minister Nirmala Sitharaman said in Parliament.  Last month, the GST Council, chaired by Finance Minister Nirmala Sitharaman, met for the first time after the Modi government returned to power.

Lok Sabha passes NIA Amendment Bill to give more power to anti-terror agency

In a bid to give more power to the National Investigation Agency (NIA), Lok Sabha on Monday passed a bill to allow India's anti-terror agency to investigate cases of terrorism targeting Indians as well as Indian assets abroad. The Bill, which amends the NIA Act, 2008, was first introduced by the Minister for Home Affairs, Amit Shah, on July 8, 2019.

India's June import decline reflects further weakness in demand and activity

India's imports declined to their lowest level in four months in June to $40.29 billion, down 9% from a year ago, indicating weakening consumption in Asia's third largest economy, economists said. In the last two quarters, the Indian economy has seen a sharp fall in sales of automobiles, petroleum products and consumer goods.


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