RBI Imposes ₹44.90 Lakh Penalty on Canara Bank and Puran Associates for Non-compliance with Regulatory Norms
Moneylife Digital Team 08 June 2026
Reserve Bank of India (RBI) has imposed a penalty of ₹44.90 lakh on Canara Bank and Puran Associates Pvt Ltd, a non-banking financial company (NBFC), for non-compliance with the directions issued by the banking regulator. 
 
The highest penalty of ₹41.80 lakh has been imposed on Canara Bank. Puran Associates has been penalised ₹3.10 lakh
 
Canara Bank has been penalised for failing to comply with certain provisions of its directions relating to know-your-customer (KYC) norms and the management of unclaimed deposits and inoperative accounts.
 
RBI’s statutory inspection found that Canara Bank failed to upload the KYC records of certain customers to the central KYC records registry (CKYCR) within the prescribed timeline. The inspection also revealed that the lender classified certain accounts as inoperative even though the last customer-initiated transaction in those accounts occurred less than one year earlier.
 
Further, Puran Associates has been penalised for non-compliance with certain provisions of RBI's directions on asset classification. RBI found out that the NBFC failed to classify certain restructured accounts as non-performing assets (NPAs), as required under the regulatory norms.
 
In both cases, RBI says penalties are based on deficiencies in regulatory compliance and are not intended to pronounce on the validity of any transaction or agreement they entered into with their customers.
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