RBI Slaps ₹62 Lakh Penalty on Kotak Mahindra Bank:
The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 61.95 lakh on Kotak Mahindra Bank for non-compliance with multiple regulatory norms. The action follows RBI’s supervisory inspection of the bank’s operations and highlights the central bank focus on customer protection and data accuracy.RBI stated that after reviewing the bank’s response to the show-cause notice and additional submissions, the violations were sustained, warranting a monetary penalty.The regulator clarified that the penalty is based on compliance failures and does not question the validity of customer transactions or agreements.
