RBI fines SBI ₹1 cr for not monitoring fund use by borrower
News In Short
RBI fines, The country’s largest lender State Bank of India (SBI) has said the Reserve Bank of India (RBI) has slapped a penalty of ₹1 crore on the lender. The central bank found SBI guilty of not monitoring the end use of funds of one of its borrowers. SBI, however, did not share details of the borrower and the loan amount given.
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News in Detailed
RBI fines, State Bank of India (SBI) has said that 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.
