Signage for the State Bank of India Ltd. (SBI) is seen at a branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

RBI Slaps Rs 1-Crore Fine On SBI

State Bank of India, the country’s largest lender, said that the Reserve Bank of India slapped Rs 1-crore penalty on it for violating norms.

The RBI “in exercise of powers conferred under Section 47A of the Banking Regulation Act, 1949 has levied a penalty of Rs 1 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.