RBI imposes Rs 1 Crore Penalty on SBI For violating norms
On 26th November 2021, the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the State Bank of India (SBI) or violating subsection (2) of section 19 of the Banking Regulation Act, 1949.
- SBI kept shares in the borrower companies of an amount exceeding 30% of the paid-up share capital of those companies.
- Under the Sub-section (2) of the Banking Regulation Act, 1949, the banking company can not hold shares in any company
About Reserve Bank of India (RBI) –
- Headquarters: Mumbai
- Founder: British Raj
- Founded: 1 April 1935, Kolkata
- Governor: Shaktikanta Das
About State Bank of India (SBI) –
- Chairperson: Dinesh Kumar Khara
- Founded: 1 July 1955
- Headquarters: Mumbai
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