Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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RBI & Other Central Banks Money & Banking - Public Sector Banks RBI slaps Rs 5-lakh fine on Canara Bank Our Bureau
Mumbai , June 12 The Reserve Bank of India today imposed a fine of Rs 5 lakh on Canara Bank for violation of CRR and SLR norms. In a press release issued today, RBI said, "The bank had been following an estimation method for reckoning the external liabilities under inter-branch account for computation of its demand and time liabilities/net demand and time liabilities for the purpose of maintaining Cash Reserve Ratio and Statutory Liquidity Ratio." The bank had revised and introduced a proper system of calculating liabilities under inter-branch account only in September 2005, the release said. RBI also issued a show-cause notice to the bank before imposing the penalty. On May 30, RBI had imposed Rs 5 lakh fine on Bank of Baroda for similar case of violation of CRR and SLR norms.
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