RBI Imposes Monetary Penalty of ₹41.80 Lakh on Canara Bank for Compliance Failures
The penalty was triggered by lapses in uploading customer Know Your Customer (KYC) details to the Central KYC Records Registry (CKYCR).
Additionally, the bank incorrectly categorized several active accounts as inoperative despite transactions having occurred.
The regulatory action was executed under the statutory powers of the Banking Regulation Act, 1949, specifically citing Sections 47A(1)(c), 46(4)(i), and 51(1).
Significance: This enforcement highlights the central bank's zero-tolerance policy toward operational delays and incorrect classification of retail accounts.
Key Facts / Static GK
RBI Governor: Shaktikanta Das
RBI HQ: Mumbai, Maharashtra
Central KYC Registry (CKYCR) is managed by: CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India)
Practice Quiz — 9 June 2026
Q1. Under which section of the Banking Regulation Act, 1949 did the RBI impose the ₹41.80 lakh penalty on Canara Bank?
Q2. What is the designated funding ratio between the NICDC-led framework and states/other stakeholders under the BHAVYA scheme?
Q3. Which of the following fuel designations has been officially standardized by the Bureau of Indian Standards (BIS) to denote an 85% Ethanol and 15% Petrol blend?
Q4. Which system has been introduced by the Kerala Forest Department as India's first fully digitalized, judiciary-integrated wildlife offence management system?
Q5. What is the revised base year for the new GDP series used by the Ministry of Statistics and Programme Implementation (MoSPI) to calculate real GDP growth for FY25-26?
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