The RBI has imposed a penalty of ₹1.05 on Kotak Mahindra Bank for contravention of provisions of sub-section (2) of Section 26A of the Banking Regulation Act, read with paragraph 3 of The Depositor Education and Awareness Fund Scheme
RBI also fined Indusind Bank ₹1 crore and said that a statutory inspection for supervisory evaluation was conducted with reference to its financial position as on 31 March, 2020. An examination of the risk assessment report, inspection report revealed non-compliance with the directions issued by RBI.
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