The Reserve Bank of India (RBI) on Monday imposed a monetary penalty on State Bank of India (SBI), Canara Bank, and City Union Bank for alleged violation of various norms. The largest lender, SBI, was penalised with ₹2 crore for holding shares as pledgee of an mount over 30 per cent of the paid-up share capital of certain companies and for failing to credit an eligible amount to the Depositor Education and Awareness Fund within the period prescribed in the Banking Regulation Act. AATHIRA VARIER
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