RBI Imposes Penalty | RBI imposes penalty on Jammu and Kashmir Bank, Bank of Maharashtra, Axis Bank
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The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI.
Mumbai The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI. In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank.
It said the bank had levied penal charges in some accounts for late payment of credit card dues, though the customers had paid the dues through other means by the due date. RBI said the penalty is based on deficiencies in regulatory compliance.
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