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Informist, Friday, Dec. 5, 2025

--RBI fines Jammu and Kashmir Bank INR 9.93 mln 

MUMBAI – The Reserve Bank of India Friday said it has imposed a penalty of INR 9.93 million on Jammu and Kashmir Bank for non-compliance with customer service and ombudsman directions. 

The RBI penalised Jammu and Kashmir Bank as the lender did not escalate certain complaints that were rejected by its internal grievance mechanism to the Internal Ombudsman for a final decision. The bank also did not send final letters to its customers regarding redressal of their complaints and thereby failed to ensure that customers were made aware of their rights to approach the Banking Ombudsman in case they were not satisfied with the bank's response.

The bank did not have a face matching technology in Video-based Customer Identification Process and also failed to confirm the economic and financial information submitted by the customer during the process, resulting in the penalty.

For the quarter ended September, the bank had reported a net profit of INR 4.94 billion on a total income of INR 34.47 billion. On Friday, its shares closed 0.4% lower at INR 103.15 on the National Stock Exchange.  End

Reported by Shubham Rana

Edited by Ashish Shirke

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