According to the Jammu and Kashmir Bank Limited’s exchange filing, the Adjudication Committee, Enforcement Department, Reserve Bank of India has imposed a Penalty of ₹ 3,31,80,000/- on the bank.
The penalty has been imposed by Enforcement Department, Reserve Bank of India on account of the failure of the Bank to comply with RBI directions on Basic Savings Bank Deposit (BSBD) Accounts; To Identify Beneficial Owners for Accounts of Legal Persons who are not natural persons; To close small accounts, that were allowed to remain operational even after 24 months from the date of opening of those accounts; and sanctioning a Working Capital Demand Loan against amount receivable from the Government by way of subsidies.
The bank received the order on January 24, 2025.
