RBI Slaps Penalties on Banks: The Reserve Bank of India (RBI) has taken strict action against three major banks for violating regulations.
These banks now face substantial penalties imposed by the central bank.
The banks affected by the RBI’s fines are Jammu and Kashmir Bank (J&K Bank), Bank of Maharashtra, and Axis Bank.
The RBI stated on Friday that it has resorted to this measure due to non-compliance with certain instructions.
Jammu and Kashmir Bank has been fined Rs 2.5 crore by the Reserve Bank.
Additionally, Bank of Maharashtra has been penalized Rs 1.45 crore for failing to adhere to specific directives.
In a separate announcement, the central bank disclosed that Axis Bank has been fined Rs 30 lakh.
The RBI explained that Axis Bank had charged penalty fees on certain accounts for late payment of credit card dues,
even though customers had made their payments through third-party platforms before the due date.
The RBI clarified that these penalties were imposed due to shortcomings in regulatory compliance by the banks.
It’s important to note that this action does not undermine the validity of any transactions or agreements between the banks and their customers.
