India, June 3 -- The Reserve Bank of India (RBI) has, by an order dated May 30, 2025, imposed a monetary penalty of Rs 2 lakh (Rupees Two Lakh only) on The Jammu and Kashmir State Co-operative Bank Ltd., Srinagar (the bank) for non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 (BR Act).
The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023 and March 31, 2024. Based on supervisory findings of non-complia...