RBI Imposes Heavy Penalty on Kotak Bank
RBI imposes ₹61.95 lakh penalty on Kotak Mahindra Bank for violating BSBD account and credit information norms. Get the latest banking updates.
MUMBAI- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹61.95 lakh on Kotak Mahindra Bank for failing to comply with key regulatory norms. The violations pertain to Basic Savings Bank Deposit (BSBD) accounts, business correspondent activities, and credit reporting.
Supervisory evaluations revealed that the bank opened multiple savings accounts for existing account holders and provided inaccurate borrower data to credit agencies. RBI clarified that the penalty addresses administrative deficiencies and does not impact the validity of any ongoing customer transactions.
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