RBI imposes monetary penalty on Canara Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹41.80 lakh (Rupees Forty one lakh eighty thousand only) on Canara Bank as:

1. the bank did not upload KYC records of certain customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.
2. the bank classified certain accounts as inoperative, despite the last customer induced transaction being less than one year old in such accounts.

In another update, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on Puran Associates Private Limited as the company failed to reclassify certain accounts as ‘non-performing assets’ upon restructuring