RBI Fines State Bank Of India, Canara Bank For Regulatory Violations
NDTV
The State Bank of India was fined Rs 2 crore for violations related to depositor education awareness funds and shareholding in a company exceeding 30% of the paid-up share capital of that company.
The Reserve Bank of India (RBI) imposed a monetary penalty on State Bank of India and Canara Bank for regulatory violations, the central bank said in a press statement on Monday.
The State Bank of India was fined Rs 2 crore for violations related to depositor education awareness funds and shareholding in a company exceeding 30% of the paid-up share capital of that company.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," said the central bank.
