RBI Penalty of ₹61.95 Lakh on Kotak Mahindra Bank
Why in the news
The Reserve Bank of India fined Kotak Mahindra Bank about ₹62 lakh after an inspection revealed that it had not followed certain regulatory rules.
Key facts
| Item | Detail |
|---|---|
| Amount | ₹61.95 lakh (roughly ₹62 lakh) |
| How detected | RBI statutory inspection |
| Nature | Monetary penalty for regulatory lapses, not a criminal action |
Violations found
- Norms on Basic Savings Bank Deposit (BSBD) Accounts.
- Business Correspondent (BC) guidelines.
- Credit Information Companies (CIC) Rules, 2006.
Legal basis
- Banking Regulation Act, 1949.
- Credit Information Companies (Regulation) Act, 2005.
Exam angle
- Bank penalised: Kotak Mahindra Bank.
- Amount: ₹61.95 lakh.
- Acts invoked: Banking Regulation Act 1949 and CIC (Regulation) Act 2005.