Regulatory Alerts2026-06-05
Added · Updated
Reserve Bank of India imposes monetary penalty on Canara Bank
The Reserve Bank of India imposes a monetary penalty of ₹41.80 lakh on Canara Bank for non-compliance with directions on Know Your Customer (KYC) and Unclaimed Deposits. The penalty addresses the bank's failure to upload certain customer KYC records to the Central KYC Records Registry within the prescribed timeline and its classification of accounts as inoperative despite customer-induced transactions occurring less than one year prior. This action is taken under sections 47A(1)(c), 46(4)(i), and 51(1) of the Banking Regulation Act, 1949, following the Statutory Inspection for Supervisory Evaluation (ISE 2025).
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