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Jammu & Kashmir Bank trades in green despite RBI imposes penalty of Rs 0.5 crore on the Bank

Jammu & Kashmir Bank is currently trading at Rs. 37.50, up by 3.40 points or 9.97% from its previous closing of Rs. 34.10 on the BSE.

The scrip opened at Rs. 32.25 and has touched a high and low of Rs. 37.50 and Rs. 32.25 respectively. So far 94578 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 65.95 on 10-Apr-2019 and a 52 week low of Rs. 32.25 on 06-Aug-2019.

Last one week high and low of the scrip stood at Rs. 37.50 and Rs. 32.25 respectively. The current market cap of the company is Rs. 2088.22 crore.

The promoters holding in the company stood at 59.23%, while Institutions and Non-Institutions held 23.28% and 17.49% respectively.

The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 0.5 crore on Jammu & Kashmir Bank for non-compliance with certain provisions of ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with their customers.

Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.

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