- On October 17, the Reserve Bank imposed a fine of ₹12.19 crore on ICICI Bank and ₹3.95 crore on Kotak Mahindra Bank for non-compliance with certain regulatory norms.
- The penalty has been imposed on ICICI Bank for violation of norms related to 'Loans and Advances-Statutory and Other Restrictions' and 'Fraud Classification and Reporting by Commercial Banks and Select FLS'.
- The penalty has been imposed on Kotak Mahindra Bank Ltd for violation of directions related to "Risk Management and Code of Conduct in Outsourcing of Financial Services by Banks" and "Recovery Agents Appointed by Banks".
- It also includes violations of “Customer Service in Banks”, and “Loans and Advances – Statutory and Other Restrictions”.
- In both cases, the RBI said the penalty was based on deficiencies in regulatory compliance.
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Economics
