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RBI imposes Rs 1 crore penalty on State Bank of India for violating rules - RBI said the charge of contravention of the provisions of the Banking Regulation Act was substantiated and warranted imposition of monetary penalty.
RBI said in its order that the State Bank of India held excess shares in borrower companies which exceeded thirty per cent of the paid-up share capital of the companies.
This is the second time that RBI has slapped monetary fine on SBI.
Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on State Bank of India (SBI) for deficiencies in regulatory compliance. The penalty has been imposed by an order dated November 16, 2021, Reserve Bank of India (RBI) said in a statement. According to the central bank, Statutory Inspections for Supervisory Evaluation (ISE) of SBI was conducted with reference to
RBI has imposed a penalty of Rs 1 crore on State Bank of India (SBI) for deficiencies in regulatory compliance.