RBI Fines Kotak Mahindra Bank ₹62 Lakh for Regulatory Violations

• The Reserve Bank of India (RBI) imposed a penalty of ₹61.95 lakh on Kotak Mahindra Bank.
• The fine was for non-compliance with rules regarding Basic Savings Bank Deposit (BSBD) Accounts, Business Correspondents (BCs), and Credit Information Companies.
• RBI found the bank opened multiple BSBD accounts for some customers and engaged BCs in out-of-scope activities.
• Incorrect information was also provided to Credit Information Companies about some borrowers.
• The penalty follows a Statutory Inspection for Supervisory Evaluation (ISE 2024) based on the bank's financial position as of March 31, 2024.

Why It Matters: RBI penalizes Kotak Mahindra Bank ₹62 lakh for multiple regulatory non-compliances.