RBI imposes monetary penalty on State Bank of India, Canara Bank – Times of India

by The Technical Blogs


NEW DELHI: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI) Rs 2 crore under the relevant section of the Banking Regulation Act. According to a statement, this action was taken due to shortcomings in regulatory compliance and does not signify a judgment on the legality of any transactions or agreements between the bank and its customers.
RBI conducted a Statutory Inspection to evaluate the bank’s supervisory status, focusing on its financial position as of March 31, 2022.
The examination uncovered, among other findings, that the bank held shares exceeding 30% of the paid-up share capital of certain companies as a pledgee. Additionally, it failed to deposit the eligible amount into the Depositor Education and Awareness Fund within the specified timeframe as mandated by the Banking Regulation Act.Similarly, the Reserve Bank of India (RBI) today levied a fine of Rs 32.30 lakh on Canara Bank 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’.
The RBI said that the action taken against the bank was due to regulatory compliance deficiencies and does not imply a judgment on the validity of any transactions or agreements between the bank and its customers.
Moreover, the RBI fined Ocean Capital Market Limited in Rourkela, Odisha, a sum of 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.


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