RBI fines Canara Bank ₹41.8L over KYC lapses, inoperative accounts
The Reserve Bank of India (RBI) just hit Canara Bank with a ₹41.8 lakh fine for not following Know Your Customer (KYC) rules and messing up how some accounts were labeled.
Turns out, the bank didn't upload certain customers' KYC records on time and even marked a few active accounts as "inoperative," which could have blocked people from using their own money, a pretty big deal for anyone relying on their account.
RBI fines Puran Associates ₹3.1L
In a separate move, RBI also fined Puran Associates Pvt Ltd ₹3.1 lakh for not following asset classification guidelines.
The RBI made it clear these penalties are about fixing rule violations, not questioning any deals made with customers.
Bottom line: banks and financial firms need to stick to the rules to keep everyone's money safe and accessible.