Report Wire - RBI slaps penalty on Kotak Bank, IndusInd Bank

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RBI slaps penalty on Kotak Bank, IndusInd Bank

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RBI slaps penalty on Kotak Bank, IndusInd Bank

The Reserve Bank on Monday mentioned it has imposed penalties of about Rs 1 crore every 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.