Mumbai: The RBI on Tuesday imposed a penalty of Rs 12.19 crore on ICICI Bank Ltd and slapped a fine of Rs 3.95 crore on Kotak Mahindra Bank Ltd for the violation of official norms.
“The penalty on ICICI Bank was imposed for contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949 (the BR Act) read with directions issued by RBI on ‘Loans and Advances-Statutory and Other restrictions’, sub-section (2) of Section 6 and Section 8 of the BR Act read with directions issued by the RBI on ‘Financial Services provided by the Banks’, and non-compliance with the RBI directions on ‘Frauds classification and reporting by commercial banks and select Fls,” the RBI said.
For Kotak Mahindra Bank, the penalty has been imposed for non-compliance with official directions on “Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks“, “Recovery Agents engaged by Banks”, “Customer Service in Banks, and “Loans and Advances – Statutory and Other Restrictions”.
Advertisements
The action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the two banks with their customers, the RBI said.
Next Story:
-
Asaduddin Owaisi Urges People To Participate In Caste Census
AIMIM President Asaduddin Owaisi urged the people to participate in the ongoing ‘caste census’ being taken up in the State.
-
Heavy Rains In Telangana For Next Three Days
The people of Telangana have been alerted because of moderate to heavy rains in the state for the next three days, according to the Indian Meteorological Department (IMD).
-
Abdul Hafeez From Telangana Elected As SIO India National President
Abdul Hafeez from Telangana was elected as the National President of the Students Islamic Organisation (SIO) of India.
-
Banks To Remain Closed On These Dates In December 2024
Banks will not function on 17 days in December on account of festivals, as well as on second and fourth Saturdays and all Sundays.
-
Youth Kills His Girlfriend With Knife In Madhya Pradesh
A youth stabbed his girlfriend seven times with a knife in broad daylight after accusing her of cheating in Madhya Pradesh on Wednesday afternoon. After seriously injuring the woman, the accused fled the scene.
Now you can get the latest stories from Hydnow every day. Click the link to subscribe. Click to follow Hydnow’s Facebook page and Twitter and Instagram