RBI issues monetary penalities on Canara Bank, Bank of India, J&K Bank for non-compliance
The RBI has imposed monetary penalties on Canara Bank, Bank of India, and Jammu & Kashmir Bank for violating regulatory directions.
RBI issues monetary penalities on Canara Bank, Bank of India, J&K Bank for non-compliance
The RBI has imposed monetary penalties on Canara Bank, Bank of India, and Jammu & Kashmir Bank for violating regulatory directions. The Reserve Bank of India (RBI) has penalized Canara Bank with Rs 1.63 crore for non-compliance with its guidelines on priority sector lending, interest rates on deposits, and financial inclusion.
Similarly, the Bank of India has been imposed a Rs 1 crore fine for failing to transfer eligible funds to the Depositor Education and Awareness Fund within the specified timeframe.
Jammu & Kashmir Bank was penalized Rs 3.31 crore for breaches of directions relating to financial inclusion, Know Your Customer (KYC) norms, and loans and advances.
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