The Reserve Bank of India (RBI) imposed a fine of Rs 2 crore on the State Bank of India (SBI) for regulatory compliance deficiencies, including holding shares as pledgee exceeding the limit and failing to credit the eligible amount to the Depositor Education and Awareness Fund within the prescribed period. Canara Bank also received a fine of Rs 32 lakh for failing to rectify rejected data and for restructuring non-standard assets in violation of the extant directions. After considering their responses, the RBI concluded that the violations warranted the imposition of monetary penalties on both banks.
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