MUMBAI: The reserve bank on Monday said it had imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for failing to meet regulatory requirements.
Next to the RBI has also imposed penalties on four credit unions.
Kotak Mahindra Bank has been fined Rs 1.05 crore for violating certain norms related to The Depositor Education and Awareness Fund Scheme, 2014 and failing to comply with the instructions on Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking” and “Loans and Credits – Legal and Other Restrictions,” said the banking regulator.
RBI said IndusInd Bank had been fined Rs 1 crore for failing to meet certain Know Your Customer (KYC) norms.
Penalties were also imposed on Nav Jeevan Co-operative Bank; Balangir District Central Cooperative Bank Limited, Balangir; Dhakuria Cooperative Bank Ltd, Kolkata; and The Palani Co-operative Urban Bank Limited (No. A.331), Palani.
The penalty ranges from Rs 1 lakh to Rs 2 lakh.
However, the RBI said the penalties are based on failures in regulatory compliance and are not intended to pronounce the validity of any transactions or agreements the banks have entered into with their customers.
Next to the RBI has also imposed penalties on four credit unions.
Kotak Mahindra Bank has been fined Rs 1.05 crore for violating certain norms related to The Depositor Education and Awareness Fund Scheme, 2014 and failing to comply with the instructions on Customer Protection – Limiting Liability of Customers in Unauthorized Electronic Banking” and “Loans and Credits – Legal and Other Restrictions,” said the banking regulator.
RBI said IndusInd Bank had been fined Rs 1 crore for failing to meet certain Know Your Customer (KYC) norms.
Penalties were also imposed on Nav Jeevan Co-operative Bank; Balangir District Central Cooperative Bank Limited, Balangir; Dhakuria Cooperative Bank Ltd, Kolkata; and The Palani Co-operative Urban Bank Limited (No. A.331), Palani.
The penalty ranges from Rs 1 lakh to Rs 2 lakh.
However, the RBI said the penalties are based on failures in regulatory compliance and are not intended to pronounce the validity of any transactions or agreements the banks have entered into with their customers.
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