The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.05 crore and Rs 1 crore on Kotak Mahindra Bank and IndusInd Bank, respectively, for deficiencies in regulatory compliance. RBI’s these penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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In case of Kotak Mahindra Bank:
As for IndusInd Bank:
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