Mumbai (Maharashtra) [India], July 4 (ANI): The Reserve Bank of India (RBI) on Monday said it has imposed over Rs 1 crore monetary penalty on Kotak Mahindra Bank Limited for non-compliance with certain directions related to customer protection.
Mumbai Oct 29 PTI The Reserve Bank of India RBI on Friday said it has imposed a penalty of Rs 56 lakh on The Nainital Bank Uttarakhand for non-compliance with certain norms related to classification of non-performing assets and frauds The apex bank had conducted a Statutory Inspection for Supervisory Evaluation ISE of the lender with reference to its financial position as on March 31 2019 and found non-compliance with certain directions There was a divergence between banks reported NPAs and NPAs assessed during the inspection on account of failure to classify certain borrower accounts as NPA There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI despite exceeding the defined threshold in the Notes to Accounts the RBI said in a statement There was also a failure on the part of the bank to report frauds as per the RBI directions The RBI however said the action against The Nainital Bank is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers PTI NKD RAM
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