RBI imposes Rs 1 crore fine on Kotak, IndusInd banks – Times of India

Mumbai: Reserve Bank of India (reserve Bank of India) is fined Kotak bank and indusind Bank Kotak Bank has been fined Rs 1.05 crore for irregularities in its failure to transfer unclaimed money to the Depositor Education and Awareness Fund, timely reversal of unauthorized electronic transfers and not maintaining margin on advances to brokers.
Rs 1 crore Well On IndusInd Bank accounts opened using OTP-based e-KYC in non-face-to-face mode, not to exercise due diligence, where required. banks In the Depositor Education and Awareness Fund, if there is no customer initiated transaction for 10 years, then unclaimed deposits need to be transferred.
Apart from the two private banks, the central bank has also penalized some co-operative banks – Nav Jeevan Sahakari Bank, Balangir District Central Co-operative Bank (Balangir), Dhakuria Co-operative Bank (Kolkata), and Palani Sahakari Urban Bank (Palani). The fine ranges between Rs 1 lakh to Rs 2 lakh.
“This action is based on deficiencies in regulatory compliance and is not intended to impinge on the validity of any transaction or agreement entered into by the bank with its customers,” RBI said in its announcement. In all cases, RBI has issued notice to the bank asking it to show cause as to why action should not be taken. After hearing the concerned banks were fined.

Follow us on Social Media

FacebookTwitterinstagramKu APPyoutube