RBI imposes monetary penalty on Jammu Kashmir Bank
The Reserve Bank of India (RBI) imposed a monetary penalty on three private and public sector lenders on Friday. The central bank charged Jammu & Kashmir Bank with ₹2.5 crore penalty, while the BSE-S0003537" data-name="Bank of Maharashtra">Bank of Maharashtra faced a fine of ₹1.45 crore. Axis Bank received the least amount of penalty among them to the tune of ₹30 lakh.
The penalties were imposed on June 22nd in these three banks.
RBI imposed a ₹2.5 crore penalty on J&K Bank for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’, read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, ‘Loans and Advances – Statutory and other Restrictions’ and ‘Time-bound i...