RBI Imposes Penalties on Axis Bank, J&K Bank, and Bank of Maharashtra

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.5 crore on Jammu & Kashmir Bank for non-compliance with certain directions issued by the RBI.
The penalty relates to the bank’s failure to adhere to RBI’s guidelines on the central repository of large common exposures across banks, loans, and advances, as well as statutory and other restrictions.
Additionally, the bank did not ensure the timely implementation and strengthening of SWIFT-related operational controls.
The RBI’s statutory inspection conducted on March 31, 2021, revealed non-compliance with these directions.