RBI imposes penalty of Rs. 2.50 crores on Jammu & Kashmir Bank Ltd

Reserve Bank of India (RBI) has by an order dated June 22, 2023 (received by us on June 23, 2023) imposed a monetary penalty of ?2.50 crores on the Bank for noncompliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’, read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, ‘Loans and Advances – Statutory and other Restrictions’ and ‘Timebound implementation and strengthening of SWIFT-related operational controls’.

The above penalty has been imposed by the RBI in exercise of powers vested under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

Shares of The Jammu & Kashmir Bank Limited was last trading in BSE at Rs. 56.50 as compared to the previous close of Rs. 58.24. The total number of shares traded during the day was 929563 in over 1218 trades.

The stock hit an intraday high of Rs. 58.82 and intraday low of 56.30. The net turnover during the day was Rs. 53294198.00.

Source : Equity Bulls

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TheJammuandKashmirBank INE168A01041 RBI Penalty