RBI imposes fine on SBI, Canara Bank, City Union Bank for regulatory norms violation

The Reserve Bank of India (RBI), on Monday, said it has imposed penalties amounting to almost Rs 3 crore on State Bank of India, Canara Bank, and City Union Bank for violation of regulatory norms.

In a statement, the RBI said a penalty of Rs 2 crore has been imposed on the State Bank of India (SBI) for contravention of certain norms related to the Depositor Education Awareness Fund Scheme, 2014.

A penalty of Rs 66 lakh has been imposed on City Union Bank Limited for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances–Divergence in NPA Accounts’ and Know Your Customer…
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Source: https://www.theweek.in/news/biz-tech/2024/02/26/rbi-imposes-fine-on-sbi-canara-bank-city-union-bank-for-regulatory-norms-violation.amp.html