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RBI imposes penalty on Kotak Mahindra Financial institution, IndusInd Financial institution
Highlights
- The RBI has additionally imposed penalties on 4 co-operative banks
- Kotak Mahindra Financial institution has been penalised for contravention of sure norms
- IndusInd Financial institution has been penalised for non-compliance with sure KYC norms
RBI on Monday stated 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 Training and Consciousness Fund Scheme, 2014’ and for non-compliance with the instructions on ‘Buyer Safety – Limiting Legal responsibility of Clients in Unauthorised Digital Banking Transactions’, and ‘Loans and Advances – Statutory and Different Restrictions’, the banking regulator stated.
The RBI stated 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.
The RBI, nonetheless, stated the penalties are based mostly on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.
(With inputs from PTI)
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