The RBI has levied a penalty of Rs 32.30 lakh on Canara Bank for non-compliance with sure instructions. (Representative picture)
RBI mentioned the penalties are based mostly on the deficiencies in regulatory compliance
The Reserve Bank of India (RBI) on Monday mentioned it has imposed penalties amounting to nearly Rs 3 crore on State Bank of India, Canara Bank, and City Union Bank for violation of regulatory norms.
In a press release, the RBI mentioned a penalty of Rs 2 crore has been imposed on the State Bank of India (SBI) for contravention of sure norms associated to the Depositor Education Awareness Fund Scheme, 2014.
A penalty of Rs 66 lakh has been imposed on City Union Bank Limited for non-compliance with sure instructions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances — Divergence in NPA Accounts’ and Know Your Customer Directions, it mentioned in one other launch.
The RBI has additionally levied a penalty of Rs 32.30 lakh on Canara Bank for non-compliance with sure instructions.
A penalty of Rs 16 lakh has been imposed on Ocean Capital Market Ltd, Rourkela, Odisha, for non-compliance with sure provisions associated to non-banking monetary firms.
In every case, the RBI mentioned the penalties are based mostly on the deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the entities with their prospects.
