RBI Fines Kotak Mahindra Bank INR 61.95 Lakh for Regulatory Lapses

• RBI imposed a ₹61.95 lakh monetary penalty on Kotak Mahindra Bank Limited.
• Penalty levied for non-compliance with Banking Regulation Act, 1949 and Credit Information Companies (Regulation) Act, 2005.
• Lapses were identified during the Statutory Inspection for Supervisory Evaluation (ISE) as of March 31, 2024.
• Bank opened multiple Basic Savings Bank Deposit (BSBD) accounts for same customers, engaged unpermitted business correspondent activities, and reported incorrect credit information.
• RBI clarified the penalty addresses regulatory deficiencies and does not question the validity of bank transactions.

Why It Matters: Kotak Mahindra Bank fined ₹61.95 lakh by RBI for multiple regulatory non-compliances.