20 Nov 2023 , 10:11 AM
The Reserve Bank imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance with certain regulatory norms. ICICI Bank faced penalties for contravention of norms related to ‘Loans and Advances-Statutory and Other restrictions’ and ‘Frauds classification and reporting by commercial banks and select FIs’.
Kotak Mahindra Bank’s penalty was imposed for contravention of directions related to ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’, ‘Recovery Agents engaged by Banks’, ‘Customer Service in Banks’, and ‘Loans and Advances Statutory and Other Restrictions’.
The RBI clarified that the penalties are based on deficiencies in regulatory compliance and do not pass judgment on the validity of transactions or agreements between the banks and their customers.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
