Canara Bank Fined ₹1.49 Lakh by RBI for CC Remittance Issues
Canara Bank has been penalized ₹1,49,450 by the Reserve Bank of India (RBI) due to discrepancies in its Currency Chest (CC) remittance operations. The penalty stems from issues including CC remittance shortage, mutilated notes in remittances, and counterfeit currency found within the CC remittance process. The bank stated that the financial impact is limited to the penalty amount itself. This action falls under the purview of SEBI (LODR) Regulations, 2015, requiring disclosure to the stock exchanges.
Key Highlights
- RBI imposed a penalty of ₹1,49,450 on Canara Bank.
- The penalty is for issues related to Currency Chest remittance operations.
- Violations include shortages, mutilated, and counterfeit notes.
- Financial impact is limited to the penalty amount.
Price Impact
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