New Delhi – The Reserve Bank of India (RBI) has fined Jammu and Kashmir Bank ₹3.31 crore for not following important rules. The issues are mainly about financial inclusion, which includes access to banking services under the Basic Savings Bank Deposit Account (BSBDA) scheme, Know Your Customer (KYC) rules, and limits on loans and advances.
The RBI said the penalty was imposed after finding problems in how the bank followed the required guidelines. They made it clear that this fine is a regulatory action and does not affect the validity of any transactions or agreements the bank has with its customers.
This penalty serves as a reminder of the importance of following rules in the banking sector, especially to ensure that all customers can access necessary banking services. The RBI will continue to keep an eye on banks to make sure they operate according to the rules and maintain trust in the banking system.
