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The RBI has imposed monetary penalties on Canara Bank, Bank of India, and Jammu & Kashmir Bank for violating regulatory directions.
The Reserve Bank of India (RBI) has slapped a penalty of ₹1.63 crore on Canara Bank for non-compliance with its guidelines on priority sector lending, interest rates on deposits, and financial inclusion.
Bank of India faced a ₹1 crore fine for failing to transfer eligible funds to the Depositor Education and Awareness Fund within the specified timeframe.
Jammu & Kashmir Bank was penalised ₹3.31 crore for breaches of directions relating to financial inclusion, Know Your Customer (KYC) norms, and loans and advances.
Shares of the three PSU banks ended nearly 1.5% lower on the BSE on Friday.
