State Bank of India (SBI) informed that insurance regulator, IRDAI, has imposed a penalty of Rs 25 lakh on SBI General lnsurance Company, an unlisted subsidiary of SBI.
The penalty has been imposed for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDA regulation 2015. It has been imposed for violation of Section 32D of lnsurance Act, 1938, the PSU bank announced after market hours on Tuesday, 20 April 2021.
SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held 57.63% stake while Life Insurance Corporation of India held 9.25% stake in the bank.
SBI's net profit fell 6.9% to Rs 5,196.22 crore on 1.1% decrease in total income to Rs 75,980.65 crore in Q3 December 2020 over Q3 December 2019.
The scrip gained 0.86% to currently trade at Rs 332.45 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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