SBI slapped with Rs one crore fine by RBI for violating norms

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New Delhi | Published: February 7, 2019 10:14:09 PM

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

SBI, RBI, SBI rates, SBI norms, State Bank of India, banking newsState Bank of India.

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.

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