Rediff.com  » Business » RBI fines Kotak Mahindra Bank, IndusInd Bank

RBI fines Kotak Mahindra Bank, IndusInd Bank

Source: PTI
July 04, 2022 18:30 IST
Get Rediff News in your Inbox:

The Reserve Bank on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance.

RBI

Photograph: Francis Mascarenhas/Reuters

Besides, the RBI has also imposed penalties on four co-operative banks.

 

A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for contravention of certain norms related to 'The Depositor Education and Awareness Fund Scheme, 2014' and for non-compliance with the directions on 'Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', and 'Loans and Advances – Statutory and Other Restrictions', the banking regulator said.

The RBI said a penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with certain Know Your Customer (KYC) norms.

Penalties have also been imposed on Nav Jeevan Co-operative Bank; Balangir District Central Cooperative Bank Limited, Balangir; Dhakuria Cooperative Bank Ltd, Kolkata; and The Palani Co-operative Urban Bank Limited (No.A.331), Palani.

The penalty ranges between Rs 1 lakh and Rs 2 lakh.

The RBI, however, said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2022 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!