This fine by the Reserve Bank of India is slapped on SBI under Section 47 A of the Banking Regulation Act, 1949.
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.
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Last Updated Feb 8, 2019, 6:01 PM IST