A total of 4321 charge notices were issued to drivers in Argyle Street and Jamaica Street from April 23 last year, when the cameras were introduced, to July 31.
But 1333 of those penalties were later cancelled by council chiefs after appeals.
A total of 177,945 fines were issued in the city's 11 enforced bus lanes and 12,683 of those were cancelled.
Motorists are liable to pay £60 if filmed at sites where number-plate recognition cameras - the fine is cut to £30 if paid within 14 days.
Figures showed drivers are paying around £11,000 a day in bus lane penalties in Glasgow - more than three times the amount for Edinburgh and Aberdeen.
The council says the "majority" of the fines were for private hire taxis from other local authority areas. But it was unable to supply any figures to back this up.
The figures, obtained through a Freedom of Information request by SNP councillor Graeme Hendry, reveal 11 fines were issued to buses and rescinded. Glasgow City Council said this may have happened if a fine had been issued to a recovery vehicle for a broken down bus.
A council spokesman said: "We rely on other local authorities to supply us with list of private hire taxis in their areas. There were significant delays in receiving these lists from a number of neighbouring local authorities meaning these taxis received penalty charge notices which have now been cancelled."