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India's central bank fines South Indian Bank over rule breaches

India's central bank fined South Indian Bank Ltd. 50 million rupees for breaching rules related to income recognition, asset classification and know-your-customer norms.

The Reserve Bank of India added that the bank had deficiencies in its compliance function and culture, according to a May 19 filing.

As of May 18, US$1 was equivalent to 68.02 Indian rupees.