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

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

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.¬†

On Friday, November 26, shares of State Bank of India settled 4.09 per cent lower at Rs 470.50 apiece on the BSE. State Bank of India opened at Rs 486.75, registering an intra day high of Rs 487.60 and an intra day low of Rs 467.25 during the trading session today.

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