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RBI slaps fine of Rs 1 cr on SBI

Press Trust of India  |  New Delhi 

State of India Thursday said the 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 21:30 IST
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