RBI Penalizes ICICI and Kotak Mahindra for Compliance Lapses

Published On: October 18, 2023 - ICICI Bank and Kotak Mahindra Bank have been fined by the Reserve Bank of India (RBI) for breaches of its regulations. ICICI Bank has received a monetary penalty of ₹12.19 crore for granting loans to companies where two of its directors also held directorial positions, engaging in marketing and sale of non-financial products, and not promptly reporting fraud incidents to the RBI within stipulated timelines. Kotak Mahindra Bank has been fined ₹3.95 crore by the RBI for neglecting the annual review and due diligence of its service provider, as well as failing to ensure that customers are not contacted between 7 p.m. and 7 a.m. Watch News9's Shweta Kothari, Kartik Malhotra and Krishnakumar’s conversation to know more.