27 Feb 2024 , 02:10 PM
The RBI imposed penalties on State Bank of India (SBI), Canara Bank, and City Union Bank for regulatory violations. SBI was penalized ₹2 Crore for contravening norms related to the Depositor Education Awareness Fund Scheme, 2014.
City Union Bank Limited faced a penalty of ₹66 Lakh for non-compliance with RBI directives on income recognition, asset classification, provisioning in advances, and Know Your Customer (KYC) norms.
Canara Bank was penalized an amount for non-compliance with specific directions, without specifying the exact amount. Ocean Capital Market Ltd, Rourkela, Odisha, incurred a penalty of ₹16 Lakh for failing to adhere to provisions related to non-banking financial companies.
The penalties were imposed based on regulatory compliance deficiencies, and they do not imply the invalidity of any transactions or agreements with customers.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.