RBI imposes ₹41.80 lakh penalty on Canara Bank for KYC and inoperative-accounts norm violations
The Reserve Bank of India imposed a monetary penalty of ₹41.80 lakh on Canara Bank for non-compliance with certain RBI directions, including those on Know Your Customer (KYC) and on inoperative accounts/unclaimed deposits. The penalty was imposed under the RBI's supervisory and enforcement powers for regulatory non-compliance.
Key Facts & Details
7 points- 1RBI imposed a ₹41.80 lakh penalty on Canara Bank.
- 2Penalty for non-compliance with KYC and inoperative-accounts norms.
- 3Action taken under the RBI's enforcement/supervisory powers.
- 4Canara Bank is a public sector bank.
- 5Reflects RBI's continued regulatory action on compliance lapses.
Deep Dive
- +The RBI periodically penalises banks for breaches of its directions on KYC, governance and reporting.
- +Such penalties are based on deficiencies in regulatory compliance, not on the validity of customer transactions.
Exam Focus
Which public sector bank did the RBI penalise ₹41.80 lakh for KYC and inoperative-accounts norm violations in June 2026?
Related Topics
Exam Relevance & Angle
RBI penalties on named banks are common banking-awareness items in banking and insurance exams.
Target Exams
Background & Context
The RBI regulates banks and can impose monetary penalties for non-compliance with its directions, including KYC and customer-protection norms.
Related GK Concepts
Must KnowTest Yourself
1 / 2The RBI imposed a ₹41.80 lakh penalty in June 2026 on which bank?
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