RBI imposes fines on ICICI and Kotak Mahindra Bank for regulatory non-compliance

ICICI Bank was fined ₹12.19 crore for contravention of norms related to loans and advances, financial service, fraud classification and reporting.

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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.

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The RBI's fines on ICICI and Kotak Mahindra Bank are a reminder to all banks of the importance of regulatory compliance.

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The fines also highlight the RBI's commitment to its supervisory role.

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RBI 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.

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