• India CSR Awards 2025
  • Guest Posts
Tuesday, August 5, 2025
  • Login
India CSR
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
India CSR
No Result
View All Result
FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025
ADVERTISEMENT
Home News

Top 3 Key Reasons: Why RBI Imposes Heavy Penalty on Canara Bank

These findings resulted in the issuance of show cause notices to Canara Bank by the RBI, demanding justifications for the bank's actions.

India CSR by India CSR
May 14, 2023
in News
Reading Time: 2 mins read
Canara Bank

Canara Bank

Share Share Share Share

The Reserve Bank of India (RBI) imposes heavy penalties on Canara Bank due to the following key reasons:


  1. Non-Compliance with Regulatory Requirements Triggers RBI Action

The Reserve Bank of India (RBI) has underscored its commitment to maintaining strict regulatory control in the banking sector by imposing a hefty penalty on Canara Bank. This substantial punitive measure, amounting to Rs 2.92 crore, serves as a response to the bank’s disregard for the established regulatory framework and persistent rule violations. Among the key operational deficiencies cited by the RBI is Canara Bank practice of linking interest rates to external benchmarks, such as the repo rate – a clear violation of regulatory requirements. Additionally, the bank has been found to have been opening savings accounts for ineligible entities, further contravening regulatory guidelines.

FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025
ADVERTISEMENT
  1. Inspection Exposes Regulatory Violations and Fraudulent Practices

Triggered by a fraud complaint received from another bank, the RBI initiated a statutory inspection of Canara Bank’s financial operations in July 2020, based on the financial status as of March 31, 2021. The inspection revealed multiple instances of non-compliance, including the failure to link interest rates on loans provided to retail and MSMEs to an external benchmark, and the absence of linking the interest rate on the new floating rate-based rupee loan with the Marginal Cost of Lending Rate (MCLR) in the 2020-21 fiscal year.

  1. Irregularities in Savings Accounts and Alert Systems Lead to Severe Consequences

Adding to the list of violations, the RBI inspection discovered that Canara Bank had opened savings accounts for several ineligible entities and provided false mobile numbers for many credit card accounts. Further discrepancies included the bank’s failure to pay interest on accounts opened under the Daily Deposit Scheme, charging MMS fees on unused accounts, and neglecting to issue transaction-based alerts as mandated by the RBI. These findings resulted in the issuance of show cause notices to Canara Bank by the RBI, demanding justifications for the bank’s actions.

In response to these notices, Canara Bank provided both oral and written explanations. However, the RBI found these explanations insufficient and subsequently levied a penalty of Rs 2.92 crore on the bank. It is important to note that these measures are intended to address operational deficiencies within the bank and are not expected to adversely impact Canara Bank’s customers.

IndiaCSR Whatsapp Channel
Tags: Canara BankRBI

India CSR offers strategic corporate outreach opportunities to amplify your brand’s CSR, Sustainability, and ESG success stories.

📩 Contact us at: biz@indiacsr.in

Let’s collaborate to amplify your brand’s impact in the CSR and ESG ecosystem.

India CSR

India CSR

India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

Related Posts

Hindustan Zinc, GreenLine to Deploy EV, LNG Trucks for Logistics
News

Hindustan Zinc, GreenLine to Deploy EV, LNG Trucks for Logistics

17 hours ago
ED Arrests Viresh Joshi
News

ED Arrests Viresh Joshi in Rs 200 Crore Axis Mutual Fund Front-Running Scam Probe

20 hours ago
Tesla
News

5 Key Facts from Tesla’s Rs 1,996 Cr Florida Autopilot Crash Verdict

3 days ago
Elon Musk
News

Tesla Fined Rs 1,996 Cr in Florida Autopilot Crash Case

3 days ago
Shashi Prakash Goyal IAS – Chief Secretary of Uttar Pradesh – 2025
News

Shashi Prakash Goyal IAS – Chief Secretary of Uttar Pradesh – 2025

3 days ago
Anil Agarwal
News

Vedanta Profit Rises 13% to Rs 5,000 Cr on Record Output, Cost Cut

4 days ago
Hindustan Zinc, AIFF Unveil Premier Girls Football Academy in India
News

Hindustan Zinc, AIFF Unveil Premier Girls Football Academy in India

5 days ago
Rotaract RID 3012 Empowers Lives with H.O.P.E. 6.0 and Welcomes New Leadership at Hridayarambh
News

Rotaract RID 3012 Empowers Lives with H.O.P.E. 6.0 and Welcomes New Leadership at Hridayarambh

6 days ago
International Tiger Day: The Animal Care Organisation Bolsters Anti-Poaching Efforts at Ramgarh Vishdhari Tiger Reserve
News

International Tiger Day: The Animal Care Organisation Bolsters Anti-Poaching Efforts at Ramgarh Vishdhari Tiger Reserve

7 days ago
Load More
India CSR Awards India CSR Awards India CSR Awards
ADVERTISEMENT

LATEST NEWS

Little Pepe Crypto Price Prediction: LILPEPE to Shine Bright in 2025 and Beyond, Here’s What’s Fueling Demand

Apraava Energy Empowers 2 Million Lives Through CSR in India

CSR: Career Mosaic Aims to Expand STEM Learning, Education Access

Rustomjee Plants for Sustainability in Landmark Kasara Drive

Hindustan Zinc, GreenLine to Deploy EV, LNG Trucks for Logistics

हिन्दुस्तान जिंक जोड़ेगी 100 EV और 100 LNG ट्रक लॉजिस्टिक्स में

HZL HZL HZL
ADVERTISEMENT

TOP NEWS

CEO Pay in India Hits Rs 7.2 Crore Average in FY24: Resource Bridge Report

Runaya Expands CSR to Empower Communities Across India

CSR: UP Govt Honours Colgate for Oral Health Drive in 60 Lakh Kids

Little Pepe Crypto Price Prediction: LILPEPE to Shine Bright in 2025 and Beyond, Here’s What’s Fueling Demand

A Complete Guide to Chetak E-scooter Price and Variants

Mukesh Chandrakar Murder Case: 5 PWD Officers Arrested in Rs 73 Cr Chhattisgarh Road Scam

Load More

Advertisement

Image Slider
content writing services Guest Post Top 5 Reasons to have Sponsored Posts at India CSR – India’s Largest CSR Media stem learning R2V2 Technologies Private Limited

Interviews

Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak Mahindra Bank
Interviews

Driving Sustainable Impact: An Interview with Himanshu Nivsarkar, Kotak Mahindra Bank

by India CSR
May 22, 2025

By Rusen Kumar NEW DELHI (India CSR): Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak...

Read moreDetails
Balamurugan Thevar, CSR Head at Shriram Finance

Empowering Women Drivers: An Interview with Balamurugan Thevar, CSR Head at Shriram Finance

May 20, 2025
N E Sridhar, the Chief Sustainability Officer at Titan Company Ltd.

Empowering Rural Craft Entrepreneurs: An Interview with N E Sridhar, Titan Company

May 15, 2025
Geetaj Channana, the Head of Corporate Strategy at Vivo India

Empowering Young Innovators Across India: An Interview with Geetaj Channana, the Head of Corporate Strategy at Vivo India

April 25, 2025
Load More
FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025 FKCCI Announces India CSR & Sustainability Conference &  Awards 2025
ADVERTISEMENT
Facebook Twitter Youtube LinkedIn Instagram
India CSR Logo

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium services, we invite you to partner with us.

Follow us on social media:


Dear Valued Reader

India CSR is a free media platform that provides up-to-date information on CSR, Sustainability, ESG, and SDGs. They need reader support to continue delivering honest news. Donations of any amount are appreciated.

Help save India CSR.

Donate Now

donate at indiacsr

  • About India CSR
  • Team
  • India CSR Awards 2025
  • Partnership
  • Guest Posts
  • Services
  • Content Writing Services
  • Business Information
  • Contact
  • Privacy Policy
  • Terms of Use
  • Donate

Copyright © 2025 - India CSR | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers

Copyright © 2025 - India CSR | All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.