look news india
India's largest government bank SBI has suffered a major setback in South Africa. South Africa's banking regulator has imposed a fine of crores on one of SBI's branches. SBI has given this information to the stock market.
4.5 crore fine in South Africa
According to the information given in the regulatory filing given by the State Bank of India to the stock market, this action has been taken by the Prudential Authority of the Central Bank of South Africa and the banking regulator South African Reserve Bank. As part of the action, the African Central Bank has imposed a fine of 10 million rand on SBI. Which is approximately Rs 4.5 crore according to Indian currency.
The fine imposed on India's largest public sector bank SBI is in two parts. More than half of the amount of 5.50 million rand has been asked to be paid immediately. According to SBI, this has been paid from the South African branch. The outstanding payment of 4.5 million rand has been suspended for 36 months. The payment of which will be completed within the stipulated time frame.
The country's largest public sector bank
SBI Bank is India's largest government-owned bank. It is the country's largest bank in terms of number of customers. Two other private banks have overtaken it in terms of market size. HDFC Bank Group has benefited from the merger of NBFCs.
