Reserve Bank Of India imposes Rs 2,00,00,000 penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) has imposed a Rs 2,00,00,000 penalty on Kotak Mahindra Bank for the non-state lender’s failure to adhere to the regulator’s diktat on promoter shareholding.
RBI has been engaged in a dispute with Kotak Mahindra since 2014 over its failure to meet the milestone for stake reduction by Uday Kotak.

Published On : 11 Jun 2019