The Reserve Financial institution on Monday mentioned it has imposed penalties of about Rs 1 crore every on Kotak Mahindra Financial institution and IndusInd Financial institution for deficiencies in regulatory compliance. Moreover, the RBI has additionally imposed penalties on 4 co-operative banks.
A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Financial institution for contravention of sure norms associated to ‘The Depositor Schooling and Consciousness Fund Scheme, 2014’ and for non-compliance with the instructions on ‘Buyer Safety – Limiting Legal responsibility of Prospects in Unauthorised Digital Banking Transactions’, and ‘Loans and Advances – Statutory and Different Restrictions’, the banking regulator mentioned.
The RBI mentioned a penalty of Rs 1 crore has been imposed on IndusInd Financial institution for non-compliance with sure Know Your Buyer (KYC) norms.
Penalties have additionally been imposed on Nav Jeevan Co-operative Financial institution, Balangir District Central Cooperative Financial institution Restricted, Balangir, Dhakuria Cooperative Financial institution Ltd, Kolkata and The Palani Co-operative City Financial institution Restricted (No. A.331), Palani. The penalty ranges between Rs 1 lakh and Rs 2 lakh.