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RBI Imposes Rs 1 Crore Penalty On State Bank Of India For Violating Norms

Shares of State Bank of India settled 4.09 per cent lower at Rs 470.50 apiece on BSE
Shares of State Bank of India settled 4.09 per cent lower at Rs 470.50 apiece on BSE
The Reserve Bank of India (RBI) today imposed a monetary penalty of Rs 1 crore on the country's largest lender State Bank of India (SBI) For holding shares in the borrower companies of an amount exceeding 30 per cent of the paid-up share capital of those companies. The RBI imposed the penalty for the contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949, according to its statement on Friday, November 26.
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