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RBI fine of Rs 1 crore on SBI

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

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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.

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