RBI imposes ₹41.8 lakh penalty on Canara Bank for KYC lapses

The RBI has imposed a ₹41.8 lakh penalty on Canara Bank for violations related to regulatory compliance, including KYC norms. The central bank found delays in uploading certain customer records to the Central KYC Records Registry. It also noted that some accounts were classified as inoperative even though customer-initiated transactions had occurred within a year.