RBI took action against these banks including SBI, fined about Rs 3 crore
The Reserve Bank of India has imposed penalties on several banks including SBI, Canara Bank and City Union Bank on the grounds of lapses in regulatory compliance. SBI has been fined Rs 2 crore for violating certain norms of the Depositor Education Awareness Fund Scheme. Let us know how much fine has been imposed on the remaining banks.
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The Reserve Bank of India (RBI) has taken strict action against the State Bank of India (SBI), 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.
The State Bank of India (SBI) has been fined Rs 2 crore for breaking some rules of the Depositor Education Awareness Fund Scheme of 2014, the central bank said in a statement.
In addition, Citi Bank has been fined Rs 66 lakh by the RBI for violating the Know Your Direction rule and the prudential rules about income recognition, asset classification, and advance provisioning for non-performing assets.
Ocean Capital Markets Limited, located in Rourkela, Odisha, has been fined Rs 16 lakh for breaking rules pertaining to non-banking financial companies.
According to the RBI, each case's penalty is determined by noncompliance with regulations. It is not intended to affect the validity of any transactions or agreements entered into by entities with their customers.
