Current Affairs   »   RBI imposes Rs 1 Crore penalty...

RBI imposes Rs 1 Crore penalty on SBI for not following norms

RBI imposes Rs 1 Crore penalty on SBI for not following norms_50.1

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the State Bank of India (SBI), for violating subsection (2) of section 19 of the Banking Regulation Act, 1949. SBI held shares in the borrower companies of an amount exceeding 30 per cent of the paid-up share capital of those companies.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

What is Sub-section (2) of the Banking Regulation Act, 1949?

As per Sub-section (2) of the Banking Regulation Act, 1949, no banking company can hold shares in any company, as pledgee, mortgagee or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or thirty per cent of its own paid-up share capital and reserves.

Find More Banking News Here

RBI imposes Rs 1 Crore penalty on SBI for not following norms_60.1

RBI imposes Rs 1 Crore penalty on SBI for not following norms_70.1

Thank You, Your details have been submitted we will get back to you.
Was this page helpful?

Leave a comment

Your email address will not be published. Required fields are marked *