RBI Penalizes J&K Bank Of Rs.3.31 Crore For Non-Compliance With Norms
The order was received on 24 January 2025;
By: : Ajay Singh
Update: 2025-01-24 20:15 GMT
RBI Penalizes J&K Bank Of Rs.3.31 Crore For Non-Compliance With Norms
The order was received on 24 January 2025
The Enforcement Department of the Reserve Bank of India has imposed Rs.3,31,80,000 on Jammu and Kashmir Bank Limited for failing to comply with the directives.
They were regarding Basic Savings Bank Deposit (BSBD) Accounts; to Identify Beneficial Owners for Accounts of Legal Persons who are not natural persons; to close small accounts that were allowed to remain operational even after 24 months from the date of opening and sanctioning a Working Capital Demand Loan against amount receivable from the government through subsidies.