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RBI slaps large private sector banks

The Reserve Bank of India has slapped a fine of crores of rupees on two large private sector banks.

The action has been taken in case of violation of banking rules. Kotak Mahindra Bank Limited has been fined Rs 1.05 crore.

IndusInd Bank has been fined Rs 1 crore. The action has been taken due to delay in compliance with the rules laid down by the RBI.

The RBI took action against both the banks as per the order dated June 29, 2022.

Kotak Mahindra Bank has been fined Rs 1.05 crore for violating banking rules and non-compliance with security of customer information.

The RBI has taken action against Kotak Mahindra Bank Limited for violating sub-section (2) of section 26A of the Banking Regulation Act, 1949.

The action has been taken due to non-compliance with the rules of the Depositor Education and Awareness Fund Scheme.

Also led to action being taken against IndusInd Bank for not following the rules like Kotak Mahindra Bank.

Navjeevan Co-operative Bank, Balangir District Central Co-operative Bank Limited, Dhakuria Cooperative Bank Limited Kolkata and Daplani Co-operative Urban Bank Limited have also been fined.

These banks have been fined between Rs 1 lakh and Rs 2 lakh. From time to time, the RBI takes action against banks for delaying compliance with the rules.

This time, action has been taken against two large private sector banks. Penalties are levied to the extent that banks delay compliance with the rules.

IndusInd Bank has also been fined Rs 1 crore for non-compliance with KYC rules issued by the RBI.

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