Bank of Maharashtra, Axis Bank, and J&K Bank are penalized by the RBI
The Reserve Bank said on Friday that it had fined Jammu and Kashmir Bank Rs 2.5 crore for failing to comply with a number of directives, including one relating to the “time-bound implementation and strengthening of SWIFT-related operational controls.”
Bank of Maharashtra has also been fined Rs. 1.45 crore for failing to follow several instructions given by the RBI about “Loans and Advances – Statutory and Other Restrictions” and “Advisory on Man in the Middle (MiTM) Attacks in ATMs.”
The RBI added in a separate statement that Axis Bank has been fined Rs 30 lakh. According to the statement, even when clients had paid their credit card balances on time using third-party platforms, the lender had assessed penalties for late payments on certain accounts.
However, according to the RBI, penalties are based on regulatory compliance issues and are not meant to judge the legality of any deal that the firms made with their clients.
