Profit

RBI Imposes Rs 2 Crore Fine On Kotak Mahindra Bank

The bank is in the middle of a legal battle with the central bank, which last year ordered Uday Kotak to lower his holdings in private-sector lender.

 Share
EMAIL
PRINT
COMMENTS
RBI Imposes Rs 2 Crore Fine On Kotak Mahindra Bank

Kotak said to National Stock Exchange that it was examining the RBI's order.


New Delhi: 

The Reserve Bank of India (RBI) on Friday fined Kotak Mahindra Bank Rs 2 crore ($288,525) for not furnishing details about the shareholdings of its majority stakeholders and its plans for complying with stake dilution norms.

The RBI said it decided to impose a penalty after reviewing the bank's reply to a notice seeking an explanation about why it had not complied with regulatory norms.

"RBI came to the conclusion that the bank had failed to comply with the directions issued by RBI and decided to impose monetary penalty on the bank," the Reserve Bank of India (RBI) said in a statement.

The bank is in the middle of a legal battle with the central bank, which last year ordered Uday Kotak, the billionaire head of Kotak Mahindra Bank, to lower his holdings in the private-sector lender.

Kotak, India's fifth largest bank by market capitalization, said in a late night filing to National Stock Exchange that it was examining the RBI's order.



Follow NDTV for latest election news and live coverage of assembly elections 2019 in Maharashtra and Haryana.
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top