NEWS
RBI slaps penalty on Kotak Mahindra Bank, IDFC First Bank, PNB
Reserve Bank of India fines Kotak Mahindra Bank, IDFC First Bank and Punjab National Bank for certain deficiencies in regulatory compliance.
Reserve Bank of India fines Kotak Mahindra Bank, IDFC First Bank and Punjab National Bank for certain deficiencies in regulatory compliance.
The Reserve Bank of India has fined Kotak Mahindra Bank, IDFC First Bank and Punjab National Bank for certain deficiencies in regulatory compliance.
A penalty of Rs 61.4 lakh has been imposed on Kotak Mahindra Bank for non-compliance with certain directions on 'Guidelines on Loan System for Delivery of Bank Credit' and 'Loans and Advances - Statutory and Other Restrictions'.
The RBI, in another statement, said a penalty of Rs 38.6 lakh has been imposed on IDFC First Bank for non-compliance with certain directions of 'Know Your Customer (KYC)'.
Punjab National Bank has been imposed a penalty of Rs 29.6 lakh for non-compliance with certain directions issued by RBI on 'Customer Service in Banks'.
In all the three cases, the central bank said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
