The Reserve Bank of India (RBI) has imposed a penalty of ₹41.8 lakh on Canara Bank for violating Know Your Customer (KYC) norms and account classification errors.
The penalty was imposed after a supervisory evaluation of the bank's financial position as of March 31, 2025. The RBI found that Canara Bank failed to upload KYC records of some customers to the Central KYC Records Registry (CKYCR) within the stipulated time frame.