RBI Action on Banks: 5.94 crore fine on Jammu and Kashmir Bank, Canara and Bank of Baroda

New Delhi| RBI has imposed a total penalty of Rs 5.94 crore on Jammu and Kashmir Bank, Bank of India and Canara Bank for deficiencies in regulatory compliance. Jammu and Kashmir Bank has been fined Rs 3.31 crore for violation of norms related to financial inclusion, access to banking services, KYC and loan-advance, RBI said.

Bank of India has been fined one crore for not complying with certain provisions of the Banking Regulation Act-1949. Canara Bank has been fined 1.63 crore for not following certain instructions related to priority sector loans, interest rates on deposits and financial inclusion. Apart from these, a fine of Rs 1 lakh has been imposed on Detson Exports West Bengal for not following the instructions on risk management and code of conduct in outsourcing of financial services.