RBI imposes ₹2.92 crore penalty on Canara Bank for rule violations

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.92 crore on Canara Bank for rule violations. RBI said that the action is based on deficiencies in regulatory compliance by Canara Bank, adding that it is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.