Deutsche Bank, J&K Bank fined Rs 3 crore each

Mumbai: The RBI on Wednesday said it has imposed a penalty of over Rs 3 crore on Deutsche Bank for non-compliance of various norms, including asset classification and KYC. The RBI also slapped a fine of Rs 3 crore on state-owned Jammu and Kashmir Bank Ltd for violating similar norms. The RBI has imposed, by an order dated November 5, 2018, a monetary penalty of Rs 30.10 million on Deutsche Bank AG for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer/Anti-money Laundering (KYC/AML) norms, and on disclosure of monetary penalties imposed by the regulator, the central bank said. In a separate release, the RBI said a fine of Rs 30 million is slapped on The Jammu and Kashmir Bank Ltd for non-compliance with the directions issued by RBI on IRAC norms and KYC/AML norms. PTI