The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1,63,60,000 on Canara Bank for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending - Targets and Classification’, ‘Interest Rate on Deposits’ and ‘Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)’.
This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
