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.
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 Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
