RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

The Reserve Bank of India (RBI) 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.