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RBI fines Rs 1 crore on SBI  for not monitoring use of funds to borrower

The state-owned public sector bank has not share details of the borrower and the loan amount.

Published: 08th February 2019 12:07 AM  |   Last Updated: 08th February 2019 01:17 AM   |  A+A-

State Bank of India

SBI ATM (File photo)

By PTI

NEW DELHI: State Bank of India on Thursday said that the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms.

RBI "in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one 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.



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  • ashok..s

    Had RBI acted in a similar manner against Mehil Choksi and Nirav modi and others the country could have saved poor tax mans money.It appears the Kumbakarna has just now got up from sleep and compulsorily audit every month the branches which are dealing in foreign exchange and maintaining the accounts of Jewelers and conduct stock inspection every week.
    1 year ago reply
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