Foreign Sberbank may face action for violating India regulations

The Government on Friday said foreign lender Sberbank may face regulatory action if it further delays depositing funds into Rural Infrastructure Development Fund and other funds aimed at priority sector lending. The Reserve Bank and Nabard have reported that Sberbank, a Russian lender, had delayed depositing funds into Rural Infrastructure Development Fund and other funds, following shortfall in meeting priority sector lending targets, Sinha said in a written reply to the Lok Sabha.