RBI slaps fine of Rs 1 cr on State Bank of India

12-02-2019

The Reserve Bank of India has slapped Rs 1 crore penalty on the country’s largest lender for violating banking norms which Section 47 A of the Banking Regulation Act, 1949.This 100 crore fine is imposed on SBI bank for not monitoring the end use of funds in respect of one of its borrowers RBI is headquartered at Mumbai.

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