Jammu & Kashmir Bank (J&K Bank) fined INR one crore by Reserve Bank of India
Jammu & Kashmir Bank Ltd. (J&K Bank) said that the Reserve Bank of India (RBI) has imposed a fine of INR 1 crore on it owing to a contravention of directions contained in circulars on ‘Lending to Non Banking Financial Companies (NBFCs) and Bank Finance to Non-Banking Financial Companies (NBFCs)’.
The Reserve Bank of India had penalized the Jammu and Kashmir-based Indian government-owned scheduled banking and financial services company by exercising its powers conferred under Section 47 A (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Founded in 1938, J&K Bank operates as a universal bank in Jammu and Kashmir, and as a specialized bank in the rest of India.
J&K Bank has more than 1,000 branches of which over 870 are located in the Jammu and Kashmir union territory and the Union Territory of Ladakh.