RBI imposed a fine of 1-1 crore on these two banks, action taken for laxity in rules

Reserve Bank of India (RBI) (Representational Image)

Apart from Kotak Mahindra Bank and IndusInd Bank, the Reserve Bank has also imposed penalty against four cooperative banks of the country. The Reserve Bank has said in its order that a penalty of Rs 1.05 crore has been imposed against Kotak Mahindra Bank.

Reserve Bank of India (RBI) Private Sector Banks Kotak Mahindra Bank ,Kotak Mahindra Bank) has taken great action. The Reserve Bank has imposed a fine of Rs 1 crore 5 lakh on Kotak Bank. This fine has been done due to laxity in following regulatory rules. The Reserve Bank itself has given information about this action. A similar action is taken by private sector bank IndusInd Bank (IndusInd Bank) has also been done against. There are also the same allegations against IndusInd Bank as against Kotak Mahindra. These banks did not follow the guidelines set by the Reserve Bank, in lieu of which big action has been taken.

Apart from Kotak Mahindra Bank and IndusInd Bank, the Reserve Bank has also imposed penalty against four cooperative banks of the country. The Reserve Bank has said in its order that a penalty of Rs 1.05 crore has been imposed against Kotak Mahindra Bank. This penalty has been imposed due to misunderstanding of certain rules of ‘The Depositor Education and Awareness Fund Scheme’. Apart from this, action has also been taken in violation of the rules of electronic banking transactions and loan advance. RBI said, action has been taken against IndusInd Bank for not following KYC or Know Your Customer (KYC) norms.

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action against co-operative banks

The Reserve Bank has also imposed a penalty on four co-operative banks. These banks include Nav Jeevan Sahakari Bank, Balangir District Central Co-operative Bank Ltd., Balangir, Dhakuria Co-operative Bank Ltd., Kolkata and Palani Co-operative Urban Bank Ltd. (No. A331), Palani. Apart from Kotak Mahindra Bank and IndusInd Bank, these four co-operative banks have been fined. Fines ranging from Rs 1 lakh to Rs 2 lakh have been pasted against co-operative banks. (Updating news)