Current Affairs - Banking - Discussion

Reserve Bank of India imposed a fine amounting to Rs. 6.1 crores fine each on two lenders -- Deutsche Bank and Jammu and Kashmir Bank. A monetary penalty of Rs 30.10 million on Deutsche Bank was imposed. The reasons are 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.