RBI slaps fine of Rs 1 Crore on SBI
Jack Feb 08, 2019 15:58 IST
RBI slaps fine of Rs 1 Crore on SBI
On Thursday, State Bank of India(SBI) said that the Reserve Bank of India(RBI) 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.
Earlier this week, the RBI had imposed a penalty of Rs 2.2 crore fine on private sector lender Axis Bank, Rs 2 crore fine on UCO Bank and Rs 1 crore fine on Syndicate Bank for violating norms.
RBI slaps fine of Rs 1 Crore on SBI
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