Major Penalties on Top Banks by RBI: Is Your Bank on the List?
Major Penalties on Top Banks by RBI: Is Your Bank on the List?
RBI clarified that the penalties imposed in each instance were a result of shortcomings in adherence to statutory and regulatory requirements.
The Reserve Bank of India (RBI) has imposed penalties on Jammu & Kashmir Bank, Bank of India, Axis, and Canara Bank for deficiencies in regulatory compliance.
Jammu & Kashmir Bank has been fined ₹3.31 crore for violations related to financial inclusion, access to banking services, Basic Savings Bank Deposit Accounts (BSBDA), Know Your Customer (KYC) norms, and regulations concerning loans and advances.
In a separate announcement, the RBI stated that Bank of India has been penalized ₹1 crore for non-compliance with certain provisions of the Banking Regulation Act, 1949.
Additionally, the Reserve Bank indicated that Canara Bank has been fined ₹1.63 crore for failing to adhere to directives regarding priority sector lending, interest rates on deposits, and financial inclusion related to BSBDA.
Also, a penalty of ₹1 lakh has been imposed on Datson Exports, West Bengal for non-compliance with certain directions issued by the RBI. In each case, the RBI said penalties were based on deficiencies in statutory and regulatory compliance
