Sanction n. : Solemn or ceremonious ratification; an official act of a superior by which he ratifies and gives validity to the act of some other person or body; establishment or furtherance of anything by giving authority to it; confirmation; approbation.

Sanction n. : Anything done or said to enforce the will, law, or authority of another; as, legal sanctions.

Sanction v. t. : To give sanction to; to ratify; to confirm; to approve.

Example:
How do banks analyse the financial statement of a company to Sanction an overdraft loan in India?

Taxonomy
sanction, law, sanc, decree, penalty, Definition of Sanction, approval, Synonyms, Dictionary, international law, reward, adjective, penal sanction, Merriam-Webster's Dictionary of Law, binding law, dust, word origin, Pronunciation.

Defination from the web:
Sanction - Definition of Sanction at Dictionary.com a free online dictionary with pronunciation, synonyms, and translation of Sanction. Word of the Day and Crossword Puzzles. ... Such a case is represented by sanction, which can mean both "to allow, encourage" and "to punish so as to deter. ...