RBI imposes monetary penalty on Canara Bank, Bank of India, J&K Bank for non-compliance

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.

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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.

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