State Bank of India was fined 70 million rupees for irregularities related to foreign exchange remittances.
The bank said in a June 4 release that the breaches were found by the country's Enforcement Directorate to have been committed between March 2009 and August 2010 by the State Bank of Travancore, which has been merged with the State Bank of India.
The directorate is a specialized financial investigation agency within India's Ministry of Finance.
As of June 4, US$1 was equivalent to 67.06 Indian rupees.
