The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.50 crore on Jammu & Kashmir Bank for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’, read with ‘Central Repository of Information on Large Credits (CRILC) - Revision in Reporting’, ‘Loans and Advances - Statutory and other Restrictions’ and ‘Timebound implementation and strengthening of SWIFT-related operational controls’. The said penalty has been imposed by the RBI in exercise of powers vested under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.
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.
