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.
One of the major domestic first-class cricket competitions in India is the Duleep Trophy. This…
India is set to expand apart from the Mumbai-Ahmedabad rail corridor and developing plans for…
The ceremony of 72nd National Film Awards will take place in Ekta Nagar in Narmada…
The appearance of the continents depicted on the map might not correspond to their real…
The BRICS Cross-border Payment System is an initiative launched by the BRICS nations to improve…
Union Home Minister and Minister of Cooperation Amit Shah conferred the President’s Colour on Goa…