RBI fines ICICI, Kotak Mahindra Bank for not complying with norms

October 18, 2023

ICICI Bank has been penalised for contraventions pertaining to loans and advances-statutory and non-compliance with RBI directions on fraud classification and reporting, the central bank said on Tuesday. Kotak Mahindra Bank has been fined for non-compliance with directions on managing risks and the code of conduct in outsourcing of financial services by banks as well as failure to comply with RBI directions on recovery agents and customer service.

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