RBI fines Canara Bank for violations related to KYC, inactive accounts

The Reserve Bank of India has taken action against Canara Bank, slapping a substantial Rs 41.8 lakh fine for failing to comply with Know Your Customer regulations and for errors in account classification. In a related case, Puran Associates Pvt Ltd has received a Rs 3.1 lakh penalty related to asset classification concerns.

Raccontata daeconomictimes.indiatimes.com