Source: ET
Why in News?
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹61.95 lakh on Kotak Mahindra Bank for non-compliance with regulatory norms, detected during a supervisory inspection.
About the Penalty
- Penalty Amount: ₹61.95 lakh (≈ ₹62 lakh)
- Inspection Basis: Statutory inspection conducted by RBI
- Nature of Action: Monetary penalty for regulatory lapses (not criminal)
Regulatory Violations Identified
The RBI found non-compliance with norms related to:
- Basic Savings Bank Deposit (BSBD) Accounts
- Business Correspondent (BC) Guidelines
- Credit Information Companies (CIC) Rules, 2006
Legal Basis
- Penalty imposed under provisions of:
- Banking Regulation Act, 1949
- Credit Information Companies (Regulation) Act, 2005
