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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 680.00
ICICI Bank 1388.50
Axis Bank 1206.20
Kotak Mahindra Bank 442.85
Indusind Bank 831.00
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