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RBI imposed Penalty of Rs.3 Cr of SBI, CUB, Canara Bank & Ocean Capital Market

Published on February 28, 2024
Current Context: The Reserve Bank of India (RBI) has imposed penalties on several banks and a financial company for non-compliance with certain regulations on 26th February 2024.
RBI imposed Penalty of Rs.3 Cr of SBI, CUB, Canara Bank & Ocean Capital Market
  • Here are the details:
    • State Bank of India (SBI): A penalty of Rs 2 crore was imposed on SBI for shortcomings in regulatory compliance, including holding shares exceeding 30% of the paid-up share capital of certain companies as a pledgee and failing to deposit the eligible amount into the Depositor Education and Awareness Fund within the specified timeframe.
    • Canara Bank: Canara Bank was fined Rs 32.30 lakh for failing to comply with specific directives issued by the RBI. These directives pertained to ‘Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures’, ‘Resolution Framework 2.0 - Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)’, and 'Resolution Framework - 2.0: Resolution of Covid-19 Related Stress of Individuals and Small Businesses’.
    • City Union Bank Limited (CUB): A penalty of Rs 66 lakh was imposed on CUB for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning about Advances — Divergence in NPA Accounts’ and Know Your Customer Directions.
    • Ocean Capital Market Ltd: Ocean Capital Market Ltd, based in Rourkela, Odisha, was fined Rs 16 lakh for failing to adhere to certain provisions outlined in the “Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016” as well as specific directives issued by the RBI to the company regarding the submission of returns on the XBRL platform.

Question:

Q.1 How much was the penalty imposed on Canara Bank by the RBI?
a. Rs 32.30 lakh
b. Rs 2 crore
c. Rs 66 lakh
d. Rs 16 lakh
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