RBI Imposes Penalties Amounting To Nearly Rs 3 Crore Check The Penalties Rules

[RBI Imposes Penalties Amounting To Nearly Rs 3 Crore]( [The Reserve Bank of India RBI on Monday said it has imposed penalties amounting to almost Rs 3 crore on State Bank of India Canara Bank and City Union Bank for violation of regulatory norms. In each case the RBI said the penalties are 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 entities with their customers. In a statement the RBI said a penalty of Rs 2 crore has been imposed on the State Bank of India SBI for contravention of certain norms related to the Depositor Education Awareness Fund Scheme 2014. The Reserve Bank of India RBI has by an order dated February 26 2024 imposed a monetary penalty of Rs2.00 crore Rupees Two Crore only on State Bank of India the bank for contravention of provisions of subsection 2 of Section 19 of the Banking Regulation Act 1949 the BR Act and subsection 2 of Section 26A of the BR Act read with the Depositor Education Awareness Fund Scheme 2014.]( [Read More]( To Unlist [Click Here](