Question
The Reserve Bank of India (RBI) has imposed a monetary
penalty of ____ on Canara Bank for violation of various norms.Solution
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.92 crore on Canara Bank for violation of various norms. The bank had failed to link interest on floating rate retail loans and loans MSMEs to an external benchmark, failed to link interest on floating rate rupee loans sanctioned and renewed during FY21 to its MCLR and opened several savings deposit accounts in the name of ineligible entities.
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