India, Dec. 20 -- The Reserve Bank on Friday said it has imposed a monetary penalty of Rs61.95 lakh on Kotak Mahindra Bank for non-compliance of norms related to Basic Savings Bank Deposit (BSBD) account, business correspondents and credit information companies. The penalty was imposed in an order dated December 11, 2025, the RBI said in a statement. According to the RBI, the fine was slapped for non-compliance with certain directions issued by the RBI on 'Access to Banking Services - Basic Savings Bank Deposit Account' and
'Scope of activities to be undertaken of Business Correspondents (BCs)' and contravention of provisions of Credit Information Companies Rules, 2006 (CIC Rules). The Statutory Inspection for Supervisory Evaluation (ISE 2...