RBI hits heavy penalty on Kotak Mahindra & IndusInd Bank
India's central banks hit the penalty on banks for contravention of the provisions of the Banking Regulation Act, 1949.
RBI hits heavy penalty on Kotak Mahindra & IndusInd Bank
New Delhi: The Reserve Bank of India (RBI) on Monday imposed a heavy penalty on Kotak Mahindra Bank Limited and IndusInd Bank Ltd of Rs. 1.05 crore and Rs 1 crore respectively.
India's central banks hit the penalty on Kotak Mahindra limited for contravention of the provisions of the Banking Regulation Act, 1949, ‘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.
Accordingly, on IndusInd Bank Ltd the penalty was imposed due to the non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
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 its customers.
Read Also : Vice Admiral Dinesh Kumar Tripathi appointed as next Chief of the Naval StaffNews Must Read
- CIL’s capex up 6.5% to highest Rs.19,840 Crores in FY 2024
- SCOPE presents SCOPE PREMIER LEAGUE
- MCL Ib Valley Washery commenced commercial operation
- HAL bags Rs 65,000 Cr tender by Defence Ministry
- PSBs' growth output superseded Private Lending firms
- Northern Coalfields Limited CMD inspects Amlohri Area
- SCOPE organizes Public Sector Day celebrations
- IOCL Final Dividend Announcement Expected at April 30 Board Meeting
- Steel Cutting Ceremony of Indian Navy held at HSL Vishakapatnam
- DIPAM declines PFC-REC debt resolution proposal for KSK Mahanadi project