Case Brief
What Happened
By order dated February 26, 2024, RBI imposed a monetary penalty of ₹2.00 crore on State Bank of India. The penalty was imposed after supervisory examination (ISE 2022) found that the bank had held shares as pledgee beyond the statutory limit and had failed to credit eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, in contravention of Sections 19(2) and 26A(2) of the Banking Regulation Act, 1949 read with the Depositor Education and Awareness Fund Scheme, 2014.