RBI imposes penalty of Rs. 1 crore on Jammu & Kashmir Bank Ltd

The Reserve Bank of India in exercise of powers conferred under Section 47 A (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 has imposed a penalty of Rs. 1 Crore (Rupees One Crore Only) on Jammu & Kashmir Bank Ltd, on account of contravention of directions contained in circulars on 'Lending to Non Banking Financial Companies (NBFCs) and Bank Finance to Non Banking Financial Companies (NBFCs)'.

Shares of JAMMU & KASHMIR BANK LTD. was last trading in BSE at Rs.39.15 as compared to the previous close of Rs. 39.65. The total number of shares traded during the day was 657021 in over 3096 trades.

The stock hit an intraday high of Rs. 40.15 and intraday low of 38.8. The net turnover during the day was Rs. 25897600.

Source : Equity Bulls

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