RBI imposes penalty on ICICI, Kotak Mahindra Bank
The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank. Private sector lender ICICI Bank has been fined for non-compliance with certain regulatory norms.
In another statement, the RBI said the penalty has been imposed on Kotak Mahindra Bank Ltd for violation of directions relating to “Management of Risks and Code of Conduct in Outsourcing of Financial Services by Banks”, “Recovery Agents engaged by Banks”, “Customer Service”.