Srinagar: The Reserve Bank of India has imposed monetary penalty on J&K Bank and 13 other banks for non-compliance with certain provisions of financial code directions issued by the central bank.
According to RBI, a scrutiny of the accounts of these banks was carried out by the RBI recently which revealed that the banks had failed to comply with provisions of one or more directions issued by RBI and/or contravened provisions of the Banking Regulation Act, 1949.
Subsequently, notices were issued to the banks advising them to show cause as to why a penalty should not be imposed for non-compliance with the directions/contraventions of provisions of the Banking Regulation Act, 1949, an RBI statement said.
Acxording to the statement, replies were considered, and the RBI concluded that it warranted imposition of penalties on the aforementioned fourteen banks.
Names of the banks:
The Jammu & Kashmir Bank Ltd.
Bandhan Bank Ltd.
Bank of Baroda
Bank of Maharashtra
Central Bank of India
Credit Suisse AG
Indian Bank
IndusInd Bank Ltd.
Karnataka Bank Ltd.
Karur Vysya Bank Ltd.
Punjab and Sind Bank
South Indian Bank Ltd.
State Bank of India
Utkarsh Small Finance Bank Ltd.
