State Bank of India (SBI) said that IRDAI has imposed a penalty of Rs 25 lakh on its unlisted subsidiary SBI General Insurance Company for violation of regulations relating to motor third party insurance obligations.
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 25 lakh on SBI General Insurance Co. (unlisted subsidiary of State Bank of India) for non-compliance with minimum obligations under Motor Third Party Business as specified in IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulation, 2015 for the financial year 2018-19.
This penalty has been imposed for violation of Sec. 32D of Insurance Act, 1938.
The announcement was made after market hours yesterday, 20 April 2021. Shares of SBI fell 0.5% to settle at Rs 329.60 yesterday. Stock markets are shut today on account of Ram Navami.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2020, the Government of India held 56.92% stake while Life Insurance Corporation of India held 9.61% stake in the bank.
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