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.
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