{"id":269681,"date":"2022-07-06T16:30:15","date_gmt":"2022-07-06T11:00:15","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269681"},"modified":"2022-07-06T16:42:40","modified_gmt":"2022-07-06T11:12:40","slug":"rbi-imposes-rs-1-5crore-penalty-on-kotak-mahindra-bank-ltd-for-deficiency-in-regulatory-compliance","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/06\/rbi-imposes-rs-1-5crore-penalty-on-kotak-mahindra-bank-ltd-for-deficiency-in-regulatory-compliance\/","title":{"rendered":"RBI imposes Rs.1.5 crore penalty on Kotak Mahindra Bank Ltd for deficiency in regulatory compliance"},"content":{"rendered":"
\n

The Reserve Bank of India (\u2018RBI’) has imposed a penalty of Rs. 1.5 crore on Kotak Mahindra Bank Ltd.(\u2018Kotak’) for contravening the provisions of the Banking Regulation Act, 1949<\/a>, the Depositor Education and Awareness Fund Scheme, 2014, and RBI directions.<\/p>\n

As per the Statutory Inspection for Supervisory Evaluation(\u2018ISE’) conducted by RBI, Kotak failed to:<\/p>\n

    \n
  1. \n

    Credit eligible amount to the Depositor Education and Awareness Fund within the period of 3 months.<\/p>\n<\/li>\n

  2. \n

    Credit (shadow reversal) the amount involved in the unauthorized electronic transactions to the customers’ account within 10 working days from the date of notification by the customer.<\/p>\n<\/li>\n

  3. \n

    Maintain\/ apply margin on advances to stock brokers.<\/p>\n<\/li>\n<\/ol>\n

    Kotak has been penalized for contravention of Section 26(A)(2)<\/a> of the Banking Regulation Act, 1949<\/a> read with paragraph 3 of \u2018The Depositor Education and Awareness Fund Scheme, 2014′ and for non-compliance with the directions on \u2018Customer Protection \u2014 Limiting Liability of Customers in Unauthorized Electronic Banking Transactions’, and \u2018Loans and Advances \u2014 Statutory and Other Restrictions’.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The Reserve Bank of India (\u2018RBI’) has imposed a penalty of Rs. 1.5 crore on Kotak Mahindra Bank Ltd.(\u2018Kotak’) for contravening the <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[50054,39456,50055,50053,2627,2611],"class_list":["post-269681","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-banking-regulation-act-1949","tag-deficiency-in-regulatory-compliance","tag-inspection-for-supervisory-evaluation","tag-kotak-mahindra-bank-ltd","tag-Penalty","tag-RBI"],"yoast_head":"\nRBI imposes Rs.1.5 crore penalty on Kotak Mahindra Bank Ltd for deficiency in regulatory compliance | SCC Times<\/title>\n<meta name=\"description\" content=\"RBI has imposed a penalty of Rs. 1,05,00,000 on Kotak Mahindra 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Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. Background: RBI conducted a statutory inspection\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":221562,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/30\/rbi-imposes-monetary-penalty-on-bandhan-bank-janata-sahakari-bank-ltd-and-jalgaon-peoples-co-operative-bank-ltd\/","url_meta":{"origin":269681,"position":2},"title":"RBI imposes monetary penalty on Bandhan Bank, Janata Sahakari Bank Ltd. and Jalgaon Peoples Co-operative Bank Ltd.","author":"Bhumika Indulia","date":"October 30, 2019","format":false,"excerpt":"Bandhan Bank Limited he Reserve Bank of India (RBI) has, by an order dated October 29, 2019, imposed a monetary penalty of Rs One crore on Bandhan Bank Limited (the bank) for non-compliance with the guidelines on promoter holding contained in \u2018Guidelines for Licensing of New Banks in Private Sector\u2019\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224658,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/28\/rbi-imposes-monetary-penalty-on-jaiprakash-narayan-nagari-sahakari-bank-ltd\/","url_meta":{"origin":269681,"position":3},"title":"RBI imposes monetary penalty on Jaiprakash Narayan Nagari Sahakari Bank Ltd.","author":"Bhumika Indulia","date":"January 28, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed a monetary penalty of Rs 1.00 lakh on -- Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Dist Hingoli (the bank) for non-compliance with directions issued by RBI on director related loans. 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