State Bank of India (SBI) fell 0.63% to Rs 376.05 after the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 2 crore on the bank.
The central bank has imposed the penalty for contravention of certain provisions of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2020, the Government of India held 56.92% stake while Life Insurance Corporation of India held 9.61% stake in the bank.
SBI's net profit fell 6.9% to Rs 5,196.22 crore on 1.1% decrease in total income to Rs 75,980.65 crore in Q3 December 2020 over Q3 December 2019.
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