Crackdown on SBI, Canara Bank and City Union Bank, RBI imposed fine of Rs 3 crore

Crackdown on SBI, Canara Bank and City Union Bank, RBI imposed fine of Rs 3 crore


New Delhi (Uttam Hindu News): The Reserve Bank of India has taken strict action against State Bank of India, Canara Bank and City Union Bank for violation of regulatory norms. After this action, a fine of about Rs 3 crore has been imposed on the banks. A penalty of Rs 2 crore has been imposed on State Bank of India (SBI) for violation of certain norms related to the Depositor Education Awareness Fund Scheme, 2014, the central bank said in its statement.

RBI has imposed a fine of Rs 66 lakh on Citi Bank for violation of prudential rules of income recognition, asset classification and advance provisioning rules along with know your direction rule related to NPA accounts. Apart from this, RBI has also imposed a fine of Rs 32.30 lakh on Canara Bank for not following some instructions.

A fine of Rs 16 lakh has been imposed on Ocean Capital Markets Limited, Rourkela, Odisha for non-compliance of certain provisions related to non-banking financial companies. The RBI said the penalty in each case is based on deficiencies in regulatory compliance. It is not intended to affect the validity of any transactions or agreements entered into by entities with their customers.

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