The Reserve Bank of India (RBI) has, imposed a monetary penalty of ₹1,63,60,000 (Rupees One crore sixty three lakh sixty thousand only) on Canara Bank for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending - Targets and Classification’, ‘Interest Rate on Deposits’ and ‘Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)’.
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| RBI Imposes Rs 1.63 Crore Penalty on Canara Bank |
RBI Imposes Rs1.63 Crore Penalty on Canara Bank
RBI Imposes Penalty on Canara Bank: The Reserve Bank of India (RBI) has, imposed a monetary penalty of ₹1,63,60,000 on Canara Bank for non-compliance with certain directions issued by Reserve Bank of India (RBI) .
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RBI Imposes Penalty on Canara Bank: Background
The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023.
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Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions.
RBI found that the following charges against the bank were sustained, warranting imposition of monetary penalty:
- The bank collected loan related charges in certain Priority Sector loans upto ₹25,000;
- The bank did not pay any interest on certain Savings Bank Deposit accounts; and
- The bank simultaneously maintained Savings Bank Deposit accounts and Basic Savings Bank Deposit (BSBD) accounts of the same customers.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Shaktikanta Das. He replaced Urjit Patel as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M.D. Patra
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
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Static Current Affairs related to Canara Bank for upcoming exams
- Formation: 1906
- Founder: Ammembal Subba Rao Pai
- Headquarters: Bengaluru
- Non Executive Chairman: Vijay Srirangan
- MD & CEO: K Satyanarayana Raju
- Number of locations: 9,723 Branches | 13,423+ ATMs (2023)
- Number of employees: 82,519 (Jul 2024)
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