RBI Slaps Penalties on SBI, Canara Bank, and City Union Bank for Regulatory Breaches

27 Feb 2024 , 02:06 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.

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