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The Reserve Bank on Monday said it has imposed fines of around Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for regulatory compliance deficiencies. In addition, the RBI has also imposed sanctions on four cooperative banks.
A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for violating certain norms relating to the ‘Depositor Education and Awareness Fund Scheme, 2014’ and for not complying with the guidelines on ‘Customer Protection – Limitation of Liability of customers in unauthorized Electronic banking transactions” and “Loans and advances – legal and other restrictions”, the banking regulator announced.
The RBI said a penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with certain Know Your Customer (KYC) norms.
Penalties were also imposed on Nav Jeevan Co-operative Bank, Balangir District Central Cooperative Bank Limited, Balangir, Dhakuria Cooperative Bank Ltd, Kolkata and The Palani Co-operative Urban Bank Limited (No. A.331), Palani. The penalty varies between Rs 1 lakh and Rs 2 lakh.
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