New Delhi: The reserve Bank of India (RBI) has imposed financial penalty But state Bank of India Rs 2 crore under the relevant section of (SBI) Banking Regulation Act, According to a statement, this action was taken due to deficiencies in regulatory compliance and does not indicate a judgment on the validity of any transaction or agreement between the bank and its customers.
RBI conducted a statutory inspection to evaluate the supervisory position of the bank, focusing on its financial position as of March 31, 2022.
Among other findings, the investigation revealed that the bank had pledged shares amounting to more than 30% of the paid-up share capital of some companies. Additionally, it failed to deposit the eligible amount into the Depositor Education and Awareness Fund within the specified time limit mandated by the Banking Regulation Act. Similarly, the Reserve Bank of India (RBI) today imposed a fine of Rs 32.30 lakh. Canara Bank For failing to comply with specific instructions issued by RBI. These instructions are ‘Data Format for Submission of Credit Information to Credit Information Companies and Other Regulatory Measures’, ‘Resolution Framework 2.0 – Addressing COVID-19 Related Stress of Micro, Small and Medium Enterprises (MSMEs)’, and ‘Resolution Framework’ Are related to. – 2.0: Solutions to COVID-19 related stress of individuals and small businesses.
The RBI said the action taken against the bank was due to regulatory compliance deficiencies and it has no judgment on the validity of any transaction or agreement between the bank and its customers.
Further, RBI has imposed fine on Ocean Capital Markets Limited in Rourkela, Odisha for failing to comply with certain provisions mentioned in “Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve)”. A fine of Rs 16 lakh was imposed for this. Banks) Guidelines, 2016” as well as specific instructions issued by RBI to the company regarding submission of returns on the XBRL platform.
RBI conducted a statutory inspection to evaluate the supervisory position of the bank, focusing on its financial position as of March 31, 2022.
Among other findings, the investigation revealed that the bank had pledged shares amounting to more than 30% of the paid-up share capital of some companies. Additionally, it failed to deposit the eligible amount into the Depositor Education and Awareness Fund within the specified time limit mandated by the Banking Regulation Act. Similarly, the Reserve Bank of India (RBI) today imposed a fine of Rs 32.30 lakh. Canara Bank For failing to comply with specific instructions issued by RBI. These instructions are ‘Data Format for Submission of Credit Information to Credit Information Companies and Other Regulatory Measures’, ‘Resolution Framework 2.0 – Addressing COVID-19 Related Stress of Micro, Small and Medium Enterprises (MSMEs)’, and ‘Resolution Framework’ Are related to. – 2.0: Solutions to COVID-19 related stress of individuals and small businesses.
The RBI said the action taken against the bank was due to regulatory compliance deficiencies and it has no judgment on the validity of any transaction or agreement between the bank and its customers.
Further, RBI has imposed fine on Ocean Capital Markets Limited in Rourkela, Odisha for failing to comply with certain provisions mentioned in “Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve)”. A fine of Rs 16 lakh was imposed for this. Banks) Guidelines, 2016” as well as specific instructions issued by RBI to the company regarding submission of returns on the XBRL platform.
