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15
November 2018
 |
Reserve Bank of India (The Total Investment & Insurance Solutions)
The
Reserve Bank of India on Wednesday said it has imposed penalties on Deutsche
Bank A.G. of Germany and The Jammu & Kashmir Bank Ltd for violating varous
norms.
The
penalties imposed are Rs 30.10 million on Deutsche Bank A.G. and Rs 30 million
on The Jammu & Kashmir Bank Ltd., vide its orders of Nov. 5, said a RBI
statement.
The
heavy fines came for the two banks' "non-compliance with the
direction" of RBI on Income Recognition and Asset Classification (IRAC),
Know Your Customer/Anti-Money Laundering (KYC/AML) norms, and on disclosure of
monetary penalties imposed by the regulator.
The RBI
action has been taken under relevant sections of the Banking Regulation Act,
1949, taking into account the failure of both banks to adhere to the apex
bank's directions.
It
added that the action is based on deficiencies in regulatory compliance and is
not intended to pronounce upon the validity of any transaction or agreement
entered into by the two banks with their customers.The Total Investment & Insurance Solutions
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