SBI: RBI slaps fine of Rs 1 cr on State Bank of India

February 8, 2019 by Vista

This fine by the Reserve Bank of India is slapped on SBI under Section 47 A of the Banking Regulation Act, 1949.

PTI|

Feb 07, 2019, 09.58 PM IST

SBI did not share details of the borrower and the loan amount given to the borrower, which caused this fine.

NEW DELHI: State Bank of India Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country’s largest lender for violating norms.

RBI “in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on the bank for not monitoring the end use of funds in respect of one of its borrowers,” SBI said in a regulatory filing.

SBI, however, did not share details of the borrower and the loan amount given to the borrower.

This fine by the Reserve Bank of India is slapped on SBI under Section 47 A of the Banking Regulation Act, 1949.

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