RBI Fines Kotak Mahindra Bank Rs 62 Lakh for Norm Violations

• RBI imposed a Rs 61.95 lakh monetary penalty on Kotak Mahindra Bank.
• Penalty issued on December 11, 2025, for non-compliance with banking norms.
• Violations include opening multiple Basic Savings Bank Deposit (BSBD) accounts for same customers.
• Bank engaged Business Correspondents in activities outside their permitted scope.
• Kotak Mahindra Bank also provided inaccurate data to Credit Information Companies (CICs), violating CIC Rules, 2006.

Why It Matters: Kotak Mahindra Bank fined Rs 62 lakh by RBI for multiple regulatory non-compliances.