reserve Bank of India ,reserve Bank of India) imposed today’s monetary penalty Rupees on one crore and five lakh Kotak Mahindra Bank

Can be held responsible for non-compliance with the fee banking regulation act1949 and Directives on ‘Customer Protection – Limited Liability of Customers in Unauthorized Electronic Banking Transactions’, and ‘Loans and Advances – Statutory and Other Restrictions’.

RBI had conducted a statutory inspection on the bank on March 31, 2018 and on March 31, 2019, due to its financial position, which revealed non-compliance with the directions issued by RBI.

“A notice was also issued to the bank suggesting why penalty should not be imposed on it for contravention of the provisions of the Act and failure to comply with the directions issued by RBI,” the press release said. ”