IRDAI imposes penalty of Rs. 25 lacs on SBI General Insurance Company Limited

IRDAI has imposed a penalty of Rs. 25.00 lacs on SBI General Insurance Co. Ltd. (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 2017-18.

This Penalty has been imposed for violation of Sec. 32D of Insurance Act, 1938.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.329.6 as compared to the previous close of Rs. 331.25. The total number of shares traded during the day was 2784525 in over 29634 trades.

The stock hit an intraday high of Rs. 339.8 and intraday low of 326.55. The net turnover during the day was Rs. 928226537.

Source : Equity Bulls

Keywords