RBI Imposes Around Rs 3 Cr fine On SBI, City Union Bank and Canara Bank; Details

RBI:  The Reserve Bank of India (RBI) announced on Monday that it has imposed a fine of around Rs 3 crore on the State Bank of India, Canara Bank and City Union Bank for violating regulatory norms.

State Bank of India (SBI) has been fined Rs 2 crore for wrongdoing in certain norms related to the Depositors Education Awareness Fund Scheme, RBI said in a statement.

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City Union Bank Ltd has been fined Rs 66 lakh fine for noncompliance with RBI's 'Prudential Norm on Income Recognition' directive.

RBI has imposed a penalty of Rs 32.30 lakh on Canara Bank for non-compliance with certain guidelines. Ocean Capital Market Limited of Rourkela, Odisha has been fined Rs 16 lakh for non-compliance with certain norms related to non-banking financial institutions.

In each case, fines were imposed depending on regulatory compliance deficiencies and companies were reluctant to specify the validity of any transaction or agreement with their customers.

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