Mumbai, Nov 14 (IANS): The Reserve Bank of India on Wednesday said it has imposed penalties on Deutsche Bank A.G. of Germany and The Jammu & Kashmir Bank Ltd for violating varous norms.

The penalties imposed are Rs 30.10 million on Deutsche Bank A.G. and Rs 30 million on The Jammu & Kashmir Bank Ltd., vide its orders of Nov. 5, said a RBI statement.

The heavy fines came for the two banks' "non-compliance with the direction" of RBI on Income Recognition and Asset Classification (IRAC), Know Your Customer/Anti-Money Laundering (KYC/AML) norms, and on disclosure of monetary penalties imposed by the regulator.

The RBI action has been taken under relevant sections of the Banking Regulation Act, 1949, taking into account the failure of both banks to adhere to the apex bank's directions.

It added that the 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 two banks with their customers.