In each instances, the RBI stated the penalties are primarily based on the deficiencies in regulatory compliance
The Reserve Bank on Tuesday stated 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 stated 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 sure regulatory norms.
The penalty on personal sector lender ICICI Bank has been imposed for contravention of norms associated 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 one other assertion, the RBI stated the penalty on Kotak Mahindra Bank Limited has been imposed for contravention of instructions associated 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 each instances, the RBI stated the penalties are primarily based on the deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
