RBI fine on Axis, J&K Bank, Bank of Maharashtra for non-compliance takes toll on stocks

Jammu and Kashmir Bank was fined Rs 2.5 crore as it did not ensure necessary steps to see if the data submitted to CRILC was accurate or not.

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Shares of Jammu and Kashmir Bank, Bank of Maharashtra and Axis Bank opened flat after the Reserve Bank of India (RBI) slapped fines on the lenders for non-compliance on certain directions.

Jammu and Kashmir Bank was down 0.7 percent at Rs 56.10 at 10.18am on the National Stock Exchange (NSE) on Monday, while Bank of Maharashtra was trading 0.37 percent lower and Axis Bank 0.26 percent lower.

Jammu and Kashmir Bank was fined Rs 2.5 crore as it did not ensure necessary steps to see if the data submitted to Central Repository of Information and Large Credit (CRILC) was accurate or not. CRILC collects and stores data on borrowers’ credit exposure. The bank sent messages through the SWIFT network without confirming if the transactions are accurately recorded in the Core Banking System (CBS) or not. Jammu and Kashmir Bank had granted loan to a corporation without confirming if the bank had the resources to pay back the debt.

Bank of Maharashtra has been asked to cough up Rs 1.45 crore since it granted loan to a corporation without thoroughly checking if the projects would generate enough revenue to repay the debt. The bank also failed to implement certain control measures for ATMs.

The RBI slapped a Rs 30-lakh fine on Axis Bank as it penalized customers for non-payment of credit card dues, although the customers had already paid the dues through third-party platforms.

The apex bank issued a show-cause notice earlier to all the three lenders, asking them to clarify why they should not be penalised.

Jammu and Kashmir Bank’s revenue increased 14 percent on-year to Rs 10,120 crore in FY23, while Bank of Maharashtra posted a 15 percent rise in topline to Rs 18,179 crore and Axis Bank recorded 23 percent growth to Rs 106,154 crore.

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