RBI Imposes Penalty On Kotak Mahindra Bank, IndusInd Bank

A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for contravention of certain norms related to “The Depositor Education and Awareness Fund Scheme, 2014” and for non-compliance with the directions on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, and “Loans and Advances – Statutory and Other Restrictions”, the banking regulator said.

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