SBI slapped with Rs one crore fine by RBI for violating norms

State Bank of India Thursday said 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.