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).
EXAMIANS