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RBI imposes penalties on two private sector banks

Mumbai: The Reserve Bank of India (RBI) imposed penalties on two private-sector banks – ICICI Bank and Kotak Mahindra Bank. The apex bank has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank. The fine was imposed for non-compliance of certain regulatory norms.

RBI informed that it imposed penalty on Kotak Mahindra Bank as the lender failed to carry out annual review/due diligence of the service provider, failed to ensure that customers are not contacted after 7 pm and before 7 am, and levied interest from disbursement due date instead of the actual date of disbursement, contrary to the terms and conditions of sanction.

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RBI said  it conduced statutory inspection of ICICI Bank in 2020 and 2021 which revealed that the lender had sanctioned or committed loans to companies in which two of its directors were also directors.

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