Mumbai: The Reserve Bank of India (RBI), has imposed monetary penalty on three banks. The apex bank penalised Jammu and Kashmir Bank, Bank of India, and Canara Bank for deficiencies in regulatory compliance.
Jammu and Kashmir Bank has been penalised Rs 3.31 crore for contravention of certain norms related to financial inclusion – access to banking Services – Basic Savings Bank Deposit Account (BSBDA)’, ‘Know Your Customer’ and ‘Loans and Advances – Statutory and Other Restrictions’.
Also Read: Emirates to resume flights to these countries: Details
The the RBI imposed Rs 1 crore penalty on the Bank of India for non-compliance with certain provisions of the Banking Regulation Act, 1949. A penalty of Rs 1.63 crore has been imposed on public sector Canara Bank for non-compliance with certain directions on priority sector lending, the interest rate on deposits and financial inclusion – access to banking services – BSBDA’.
Also, a penalty of Rs 1 lakh has been imposed on Datson Exports, West Bengal for non-compliance with certain directions issued by the RBI on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs’.
Post Your Comments