New Delhi, Jan 24: The Reserve Bank of India has penalized Jammu and Kashmir Bank, Bank of India, and Canara Bank for deficiencies in regulatory compliance.
Jammu and Kashmir Bank has been penalized Rs 3.31 crore for contravention of certain norms related to financial inclusion access to banking Services, Basic Savings Bank Deposit Account etc etc.
The RBI said Rs 1 crore penalty has been imposed on the Bank of India for non-compliance with certain provisions of the Banking Regulation Act, 1949.
A penalty of Rs 1.63 crore has been imposed on public sector Canara Bank for non-compliance with certain directions on priority sector lending, the interest rate on deposits and financial inclusion access to banking services etc etc.
A penalty of Rs 1 lakh has been imposed on Datson Exports, West Bengal for non-compliance with certain directions issued by the RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs'.
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