The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.31 crore on Jammu Kashmir Bank for lapses in regulatory compliance.
The violations pertain to norms related to financial inclusion, specifically in areas such as access to banking services under the Basic Savings Bank Deposit Account (BSBDA) scheme, Know Your Customer (KYC) requirements, and statutory restrictions on loans and advances.
According to the RBI, the penalty was imposed based on deficiencies observed in the bank’s adherence to statutory and regulatory guidelines.
The central bank clarified that this action is strictly regulatory and does not question the validity of any transactions or agreements made by the bank with its customers. [KNT]
Author Profile
Latest entries
REGIONALApril 25, 2025Following viral video, police arrest ‘suspect’ in Ganderbal for asking tourist about her religion
REGIONALApril 25, 2025Pahalgam Attack: Kashmiri guide saves BJP worker’s family, Loses cousin
OTHERSApril 25, 2025Pahalgam attack: JK Police conduct searches at residences of suspected militant associates
INDIAApril 25, 2025Pakistan refuses to release BSF jawan despite flag meeting: Report