US EditionRBI slaps Rs 62 lakh fine on Kotak Mahindra Bank
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5 Articles
Taking strong action in the case of violation of rules, RBI has imposed a fine of about Rs 62 lakh on Kotak Mahindra Bank.
Times of India
dailyexcelsior.comRBI slaps Rs 62 lakh fine on Kotak Mahindra Bank
The Reserve Bank of India has fined Kotak Mahindra Bank Rs 61.95 lakh. The penalty is for not following rules on basic savings accounts and business correspondents. The bank also gave incorrect information to credit information companies. These violations were found during a recent inspection of the bank's financial position.
The Reserve Bank of India (RBI), the regulator of the Indian banking sector, has imposed a hefty penalty of ₹61.95 lakh on the country's leading private bank 'Kotak Mahindra Bank' for violating banking regulations. The central bank has taken this stringent step for violating various provisions of the Banking Regulation Act and the Credit Information Companies Act. The long list of violations The RBI's action was not sudden; there are serious rea…
Reserve Bank Of India: RBI Fines Kotak Mahindra Bank ₹61.95 Lakh for Non-Compliance
The Reserve Bank of India (RBI) has levied a significant monetary penalty of ₹61. 95 lakh on Kotak Mahindra Bank, one of the country's prominent private sector lenders, while this stringent action comes as a consequence of the bank's failure to adhere to various regulatory directives and banking norms. The RBI's investigation revealed several serious deficiencies in the bank's operations, prompting the central bank to take this decisive step. Th…
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