RBI Penalizes ICICI Bank and Kotak Mahindra Bank for Violating Norms
GG News Bureau
Mumbai, 17th Oct. The Reserve Bank of India (RBI) has imposed penalties on ICICI Bank and Kotak Mahindra Bank for violating certain regulatory norms.
ICICI Bank has been fined Rs 12.19 crore for not complying with rules related to loans, advances, fraud reporting, and restrictions.
Kotak Mahindra Bank has been fined Rs 3.95 crore for not following directions regarding risk management, code of conduct in outsourcing financial services, recovery agents, customer service, and restrictions on loans and advances.
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The RBI clarified that these penalties are based on regulatory compliance issues and do not question the validity of any transactions or agreements between the banks and their customers.
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