RBI slaps Rs 1 cr penalty on State Bank of India

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on the state-run bank for contravention of provision.

On Friday, 26 November 2021, The Reserve Bank of lndia (RBl) imposed a monetary penalty of Rs 1 crore on State Bank of lndia (SBI) for contravention of provision of sub section (2) of Section 19 of the Banking Regulation Act, 1949. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (a) (i) and 51 (1) of the Act, as per the company's press statement.

State Bank of India posted a 66.7% rise in standalone net profit to Rs 7,626.57 crore on a 3.1% increase in total income to Rs 77,689.09 crore in Q2 FY22 over Q2 FY21.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2021, the Government of India held 57.62% stake in the bank.

Shares of State Bank of India dropped 4.09% to close at Rs 470.50 on Friday, 26 November 2021.

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