RBI Slaps Fine of Rs 1 cr on SBI For Not Monitoring End Use of Funds

Loading…

New Delhi: State Bank of India on 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.

Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.