RBI fines Kotak Mahindra Bank, IndusInd Bank

TIL Desk/Business/New Delhi/ 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. 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.

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