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RBI imposes Rs 1 Crore Penalty on SBI For violating norms

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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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