Srinagar: The Reserve Bank has imposed a fine of Rs 3 crore on state-owned Jammu and Kashmir Bank Ltd NSE -1.52 % for non-compliance of various norms, including asset classification and KYC. 

The RBI has imposed, by an order dated November 5, 2018, a monetary penalty of Rs 30 million on The Jammu and Kashmir Bank Ltd for non-compliance with the directions issued by RBI on IRAC norms and KYC/AML norms. 

RBI said the penalties on these two banks have been imposed taking into account the failure of the banks to adhere to the directions issued by it. 

“This 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 bank with its customers,” it said further.