The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on Kotak Mahindra Bank for non-compliance of directions. The directions issued to Kotak Mahindra Bank by RBI in the exercise of its powers were under sections 27(2) and 35A of the Banking Regulation Act, 1949 (the Act) to furnish information specified therein.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
