Current Affairs - Banking - Discussion
Discussion Forum : Banking - Latest Current Affairs (Q.No. 1648)
1648.
RBI imposed Rs.1 crore penalty to this bank under Section 47 A of the Banking Regulation Act, 1949.
Answer: Option
Explanation:
The Reserve Bank of India (RBI) imposed a fine of Rs.1 crore penalty State Bank of India (SBI). This penalty was levied as the lender violated the RBI norms. RBI levied the penalty in the exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 as SBI was not monitoring the end use of funds in respect of one of its borrowers.
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