The Reserve Bank of India (RBI) has levied substantial fines on both the State Bank of India (SBI) and Canara Bank due to regulatory shortcomings. SBI faces a Rs 2 crore penalty for holding shares exceeding thirty percent of certain companies' paid-up capital without timely crediting the eligible amount to the Depositor Education and Awareness Fund.
Similarly, Canara Bank incurs a Rs 32 lakh fine for its failure to rectify rejected data promptly and upload it to Credit Information Companies within seven days, alongside restructuring accounts not meeting standard asset criteria.