State Bank Of India falls as RBI imposes penalty of Rs 2 crore on the Bank for contravention of norms

State Bank Of India is currently trading at Rs. 376.70, down by 1.75 points or 0.46% from its previous closing of Rs. 378.45 on the BSE.

The scrip opened at Rs. 378.40 and has touched a high and low of Rs. 379.60 and Rs. 374.65 respectively. So far 503508 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 426.45 on 18-Feb-2021 and a 52 week low of Rs. 149.55 on 22-May-2020.

Last one week high and low of the scrip stood at Rs. 393.15 and Rs. 369.30 respectively. The current market cap of the company is Rs. 335967.00 crore.

The promoters holding in the company stood at 57.64%, while Institutions and Non-Institutions held 34.90% and 7.46% respectively.

Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on State Bank of India (SBI) for contravention of norms, including specific directions to the lender on remuneration to its employees in the form of commission.

The penalty has been imposed for contravention of certain sections of Banking Regulation Act and its specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission. The action is based on 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.

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.