Reserve Bank of India imposes monetary penalty on State Bank of India

Daily Current Affairs / Reserve Bank of India imposes monetary penalty on State Bank of India

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Category : Business and economics Published on: November 27 2021

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The Reserve Bank of India has announced a monetary penalty of Rs. 1 crore against the State Bank of India for violating Section 19 (2) of the Banking Regulation Act, 1949. (The Act).
During its investigation, the RBI discovered that SBI had acquired an excessive number of shares in the loan-taking company. In exchange for the loan, the company offered the bank shares.
The pledging limit for any bank can be up to a maximum of 30 per cent of the paid-up share capital.

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Reserve Bank of India imposes monetary penalty on State Bank of India