Srinagar, Jan 25 :

The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.31 crore on Jammu and Kashmir Bank for lapses in regulatory compliance.

The violations pertain to norms related to financial inclusion, specifically in areas such as access to banking services under the Basic Savings Bank Deposit Account (BSBDA) scheme, Know Your Customer (KYC) requirements, and statutory restrictions on loans and advances.

According to the RBI, the penalty was imposed based on deficiencies observed in the bank’s adherence to statutory and regulatory guidelines.

The central bank clarified that this action is strictly regulatory and does not question the validity of any transactions or agreements made by the bank with its customers. [KNT]

By SNS KASHMIR

Shaharbeen News Service Kashmir is a news service which covers, gathers, writes, and distributes news to newspapers, periodicals, radio and television broadcasters, government agencies, and other users. We at SNS Kashmir believe in fair and independent journalism to inform our masses or subscribers and readers about the happenings around the world. The prime focus of the news gathering and reporting is focused on Jammu and Kashmir state.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.