RBI imposes monetary penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty to the tune of Rs 3.95 crore on Kotak Mahindra Bank Limited for various non-compliance, including in managing risks and code of conduct in outsourcing of financial services, recovery agents engaged by banks, customer service in banks, and loans



and advances – statutory and other restrictions.

“This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” RBI in a press release said Tuesday.a