The Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions. A fine of Rs 1.45 crore has been imposed on BOM.
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The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank (J&K Bank) for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI.
In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank. It added that the bank had levied penal charges in some accounts for late payment of credit card dues.
However, the customers had paid the dues by the due date through other means. RBI said the penalty is based on deficiencies in regulatory compliance.
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