RBI imposed fine of Rs 5.94 crore on Jammu and Kashmir Bank, Canara and Bank of Baroda, know the matter

The RBI has imposed a total fine of Rs 5.94 crore on Jammu and Kashmir Bank, Bank of India, and Canara Bank for deficiencies in regulatory compliance. RBI said Jammu and Kashmir Bank has been fined Rs 3.31 crore for non-compliance with the norms related to financial inclusion, access to banking services, KYC, and loans-advances.

Bank of India has been fined Rs 1 crore for non-compliance with some of the provisions under the Banking Regulation Act-1949. Canara Bank has been penalized Rs 1.63 crore for violating certain directions regarding priority sector lending, interest rates on deposits, and financial inclusion. The other two penalized ones, apart from them, were Datsan Exports West Bengal at Rs 1 lakh for failure in compliance with some directions relating to risk management and code of conduct on outsourcing of financial services.