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RBI imposes Rs 1 crore penalty on J&K Bank

09 Jul 2021 Evaluate

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.

Peers
Company Name CMP
HDFC Bank 703.80
ICICI Bank 1357.00
Axis Bank 1243.90
Kotak Mahindra Bank 440.80
Indusind Bank 876.25
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