Under Banking Regulations Act
Canara Bank announced that the Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs. 2 crore on the Bank in exercise of powers conferred under Section 47(A) (1)(c) read with the Section 46(4) (i) of the Banking Regulation Act, 1949.The Bank has taken necessary preventive measures / comprehensive action plan to avoid such recurrence.
Though the amount of penalty is not material to the size of the Bank, reporting is done in terms of SEBI (LODR) Regulations, 2015.
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