RBI slaps Rs 1 crore penalty on SBI for violating norms

The Reserve Bank of India has exercised its powers conferred under Section 47A of the Banking Regulation Act of 1949 & imposed a penalty of Rs 1 crore on the State Bank of India (SBI) for not monitoring the end use of funds in respect of one of its borrowers. However, SBI did not share details of the borrower and the loan amount given to the borrower.