Apex Bank on Tuesday announced through their press releases that India’s leading bank “Kotak Mahindra Bank” did not comply with the RBI Directions on:
- Managing risk and code of conduct in outsourcing financial services by banks
- Recovery agents engaged by the bank
- Customer services in the bank
- Loan and advances
According to the Apex Bank, the Kotak Mahindra Bank failed to:
- Carry out an annual review of service providers
- Ensure that customers are not contacted after 7 p.m. and before 7 a.m.
- Levied interest and foreclosure charges without considering the relevant dates and loan agreement clauses respectively.
The above non-compliance was revealed when Apex Bank conducted a statutory inspection of the Kotak Mahindra Bank with reference to their financial position as on 31st March 2022, and thereafter issued a show-cause notice to the bank, at last RBI came to the conclusion that the charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty and passed order for imposed rupees 3.95 crore monetary penalty.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction entered into by the company with its customers: RBI said in a statement.
The Banks are expected to adhere to the regulations and directions set forth by the RBI to ensure the banking system’s smooth functioning and protect customers’ interests.
For a comprehensive understanding of the RBI’s action, it is advisable to refer to the official website of RBI.
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