New NABARD Workshop - Last 4 year trend. March 5 at 5 PM. Register here

    Question

    The Reserve Bank has imposed a penalty of Rs 2.5 crore

    on ______ for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'.
    A Jammu & Kashmir Bank Correct Answer Incorrect Answer
    B Bank of Maharashtra Correct Answer Incorrect Answer
    C Axis Bank Correct Answer Incorrect Answer
    D Canara Bank Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

      The Reserve Bank has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'.   A penalty of Rs 1.45 crore has also been imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loans and Advances – Statutory and Other Restrictions' and Advisory on 'Man in the Middle (MiTM) Attacks in ATMs'.       A penalty of Rs 30 lakh has been imposed on Axis Bank for late payment of credit card dues though the customers had paid the dues by the due date, through third-party platforms.

    Practice Next

    Relevant for Exams: