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The Reserve Bank of India (RBI) has imposed monetary penalties on three public sector banks: Jammu and Kashmir Bank, Canara Bank, and Bank of India. The penalties were issued due to non-compliance with regulatory requirements. Specifically, Jammu and Kashmir Bank was fined ₹3.31 crore, Canara Bank was penalized over ₹1.60 crore, and Bank of India faced a penalty of ₹1 crore. This enforcement action underscores the RBI's commitment to ensuring adherence to banking regulations.
The Reserve Bank of India (@RBI) imposes monetary penalties on Jammu and Kashmir Bank, Canara Bank, and Bank of India. https://t.co/J3eIhuVJOb
The SA Reserve Bank's Prudential Authority has fined Standard Bank SA R13 million after finding that it had failed to conduct due diligence on certain clients or ensure adequate record-keeping for thousands of suspicious and unusual transaction reports. https://t.co/P8lGPkyJft
RBI penalises J&K Bank, Bank of India, Canara Bank https://t.co/zFpbVsBt8w