State Bank of India falls as Reserve Bank of India imposes monetary penalty
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
State Bank Of India is currently trading at Rs. 593.00, down by 1.10 points or 0.19% from its previous closing of Rs. 594.10 on the BSE.
The scrip opened at Rs. 594.10 and has touched a high and low of Rs. 595.15 and Rs. 592.25 respectively. So far 183831 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 629.65 on 15-Dec-2022 and a 52 week low of Rs. 499.35 on 01-Feb-2023.
Last one week high and low of the scrip stood at Rs. 606.55 and Rs. 585.00 respectively. The current market cap of the company is Rs. 529006.36 crore.
The promoters holding in the company stood at 57.47%, while Institutions and Non-Institutions held 35.22% and 7.30% respectively.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.30 crore on State Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances - Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’.
This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
State Bank of India (SBI) is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
