RBI imposes fine on Jammu and Kashmir Bank, Bank of India, Canara Bank

The Reserve Bank of India (RBI) has imposed penalties on Jammu and Kashmir Bank, Bank of India and Canara Bank for lapses in regulatory compliance. J&K Bank for violation of certain norms relating to Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA), ‘KYC’ (Know Your Customer) and ‘Loans and Advances – Statutory and Other Restrictions’ A fine of Rs 3.31 crore has been imposed.

“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, Interest Rates on Deposits and Financial Inclusion – Access to Banking Services – BSBDA,’ the Reserve Bank said.

Also, imposed a fine of Rs 1 lakh on Datsun Exports West Bengal for non-compliance with certain directions issued by the Reserve Bank on ‘Risk Management and Code of Conduct in ‘Outsourcing’ of Financial Services by Non-Banking Financial Company (NBFC)’ Has gone.

In each case, the Reserve Bank said the penalties are based on deficiencies in statutory and regulatory compliance and are not intended to call into question the validity of any transaction or agreement entered into by the entities with their customers.