RBI imposes penalties of Rs 3 crore on SBI, Canara Bank, and City Union Bank for violating regulatory norms.
The Reserve Bank of India (RBI) has imposed penalties totaling nearly Rs 3 crore on State Bank of India (SBI), Canara Bank, and City Union Bank for violating regulatory norms. SBI faces a Rs 2 crore penalty for contravening Depositor Education Awareness Fund Scheme, 2014 norms. City Union Bank was issued a Rs 66 lakh penalty for non-compliance with RBI's 'Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances' and Know Your Customer Directions. Canara Bank received a Rs 32.30 lakh penalty for similar non-compliance.
February 26, 2024
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