The Reserve Bank of India (RBI) in exercise of powers conferred under Section 47 A (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 has imposed a penalty of Rs 1 crore on Jammu & Kashmir Bank (J&K Bank), on account of contravention of directions contained in circulars on Lending to Non-Banking Financial Companies (NBFCs) and Bank Finance to Non-Banking Financial Companies (NBFCs).
Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.
