RBI Imposes Rs 2 Crore Fine On SBI, Rs 32 Lakh On Canara Bank

RBI slapped penalties on SBI, Canara Bank, City Union Bank, and Ocean Capital Market for non-compliance & deficiencies in certain regulatory compliance. Canara Bank has been fined with rs. 32 lakh & penalty of ₹2 crore was imposed on State Bank of India.

Reserve Bank of India has imposed a penalty of ₹2 crore on State Bank of India for “contravention of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act), and sub-section (2) of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme, 2014.” Reported Business Today

At the same time Canara Bank has been fined with rs. 32 lakh, by RBI for non-compliance with certain directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’ and ‘Resolution Framework – 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’.