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:
-
BRS Leaders Held Protest Over CM Revanth’s Comments On BRS Women Leaders
BRS leaders staged protest condemning the objectionable comments made by Chief Minister A Revanth Reddy against senior women BRS leaders P Sabitha Indra Reddy and V Sunitha Lakshma Reddy.
-
Strict Action Against People Who Collect Parking Fees Against Rules: GHMC Commissioner
GHMC Commissioner Amrapali Kata said that action has been taken against the malls and multiplexes that are charging parking fees contrary to the rules within the GHMC.
-
Osmania University Rescheduled Telangana SET
Osmania University on Thursday rescheduled the Telangana State Eligibility Test (TG SET), which will now be conducted from September 10 to 13.
-
Heavy Rains Warning In Telangana
The Indian Meteorological Department, (IMD) Hyderabad Center has warned that heavy rains will occur in many districts of Telangana state.
-
Four People Involved In Dacoity Offence Arrested
Maidardevpally and CCS Rajendra Nagar teams proceeded and apprehended the four offenders at Sasthripuram at Sasthripuram namely 1. Aqeel, 2. Adnan, 3. Mohd Saif, 4. Moshin
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