In both cases, the RBI said the penalties are based on the deficiencies in regulatory compliance
The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank
The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to ‘Loans and Advances-Statutory and Other restrictions’ and ‘Frauds classification and reporting by commercial banks and select Fls’.
Also Read: RBI Imposes Fines On Union Bank of India, RBL Bank, Bajaj Finance For Non-Compliance of Rules
In another statement, the RBI said the penalty on Kotak Mahindra Bank Limited has been imposed for contravention of directions related to “Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks”, “Recovery Agents engaged by Banks”, “Customer Service in Banks”, and “Loans and Advances – Statutory and Other Restrictions”.
Also Read: RBI Bars Bank of Baroda From Onboarding Fresh Customers On Its Mobile App
In both cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
