RBI imposes fines on ICICI and Kotak Mahindra Bank for regulatory non-compliance
was fined ₹12.19 crore for contravention of norms related to loans and advances, financial service, fraud classification and reporting.
Kotak Mahindra Bank
was fined ₹3.95 crore for non-compliance with RBI direction on outsourcing financial service, handling recovery agent and maintaining customer service.
The RBI's fines on ICICI and Kotak Mahindra Bank are a reminder to all banks of the importance of regulatory compliance.
The fines also highlight the RBI's commitment to its supervisory role.
is responsible for ensuring that bank operate in safe and sound manner and it will take action against banks that fail to comply with its regulations.