The Reserve Bank of India (RBI) has penalised State Bank of India (SBI), Canara Bank and City Union Bank for violation of regulatory norms.

The RBI has imposed a penalty of Rs 2 crore on state-run SBI for contravention of certain norms related to the Depositor Education Awareness Fund Scheme, 2014.

State-owned Canara Bank is fined Rs 32.30 lakh for non-compliance with certain directions.

A penalty of Rs 66 lakh has been imposed on City Union Bank for non-compliance with certain directions issued by the RBI on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances — Divergence in NPA Accounts’ and Know Your Customer Directions.

A penalty of Rs 16 lakh has been imposed on Ocean Capital Market, Rourkela, Odisha, for non-compliance with certain provisions related to non-banking financial companies.

In each case, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.