Search
RBI imposes ₹2.92cr penalty on Canara Bank for violations
May 15, 2023
The Reserve Bank of India (RBI) on May 12 imposed a monetary penalty of ₹2.92 crore on Canara Bank for non-compliance.
The Bangalore-based public sector bank got penalised with the provisions of directions issued by the Reserve Bank under ‘Reserve Bank of India (Interest Rate on Advances) Directions, 2016’, Reserve Bank of India (Interest Rate on Deposits) Directions, 2016.
“‘Compliance function in banks’, ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Customer Service in Banks’ and ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016’,” according to RBI’s official statement.
RBI further added that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
India’s central bank said that the Statutory Inspection for Supervisory Evaluation (lSE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2021.
A scrutiny of the bank was carried out by RBI in July 2020 based on a high-value fraud reported by another bank.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
