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RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank

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Image Source : PTI

RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

Highlights

  • The RBI has additionally imposed penalties on 4 co-operative banks
  • Kotak Mahindra Bank has been penalised for contravention of sure norms
  • IndusInd Bank has been penalised for non-compliance with sure KYC norms

RBI on Monday mentioned it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance. Besides, the RBI has additionally imposed penalties on 4 co-operative banks.

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

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

Penalties have additionally 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, nonetheless, mentioned the penalties are primarily based on deficiencies in regulatory compliance and never supposed to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.

(With inputs from PTI)

Also Read | Highest 28% GST on luxury, sin goods to continue: Revenue Secretary Tarun Bajaj

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