The Reserve Bank has imposed a fine of Rs 3.31 crore on Jammu and Kashmir Bank. A fine of Rs 1 crore has been imposed on Bank of India, while a fine of Rs 1.63 crore has been imposed on Canara Bank. The Reserve Bank has taken this action against Canara Bank for not following the guidelines on interest rates on priority sector loans and deposits and financial inclusion.
The Reserve Bank (RBI) has taken action against three government banks on 24 January 2025. A tough stand has been taken on these banks for not following the rules. RBI has reprimanded all three banks and imposed a fine of up to Rs 3.31 crore.
Action taken against which banks
The Reserve Bank has imposed a fine of Rs 3.31 crore on Jammu and Kashmir Bank (J&K Bank). A fine of Rs 1 crore has been imposed on Bank of India, while a fine of Rs 1.63 crore has been imposed on Canara Bank.
The Reserve Bank has taken this action against Canara Bank for not following the guidelines on interest rates on priority sector loans and deposits and financial inclusion.
This fine has been imposed on Bank of India for not transferring the amount to the education and awareness fund within the stipulated time limit. The company will have to pay a fine of Rs 1 crore.
A fine has been imposed against Jammu and Kashmir Bank for not following KYC rules properly. A fine of Rs 3.31 crore has been imposed on Jammu and Kashmir Bank.
Will customers also be affected?
Such decisions do not affect customers. If the license of the bank is canceled or its business is banned, then the customers are affected.
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