29 November 2021 Current Affairs
RBI has imposed Rs 1 crore penalty on the State Bank of India for violating norms related to holding shares of the paid-up share capital of the companies as stated in subsection (2) of the section which of the Banking Regulation Act defines this rule?
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on State Bank of India (SBI) for violating sub-section (2) of section 19 of the Banking Regulation Act, 1949.
The initial paid-up voting equity share capital/ net worth required to set up a new universal bank has been increased to Rs 1000 crore (from present Rs 500 crore).
The cap on promoters' stake in the long run of 15 years has been raised from 15 percent (earlier) to 26 percent of the paid-up voting equity share capital of the bank.
EXAMIANS