Latest News | RBI Imposes Penalty on J&K Bank, Bank of Maharashtra, Axis Bank

Mumbai, Jun 23 (PTI) The Reserve Bank on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'.

A penalty of Rs 1.45 crore has also been imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions' and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs'.

Also Read | AI safety necessity: Four Ways how Criminals Could Use Artificial Intelligence to Target More Victims.

In another statement, the RBI said a penalty of Rs 30 lakh has been imposed on Axis Bank. The lender, it said had levied penal charges in certain accounts for late payment of credit card dues though the customers had paid the dues by the due date, through third-party platforms.

The RBI, however, said penalities are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Also Read | Karnataka Bandh Today: Are KSRTC, BMTC Buses, Govt Offices, and Hospitals Running? Know What's Open and What's Not.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)