The Bank of the Reserve of India (RBI) declared on Thursday that it has imposed monetary sanctions on several important financial and banking services companies due to certain deficiencies in regulatory compliance.
The Central Bank has imposed the fine to three banks, including public sector banks and the private sector: Kotak Mahindra Bank, Punjab National Bank and IDFC First Bank.
On April 17, 2025, the RBI announced a fine of RS 1.29 million rupees in several prominent firms of financial services.
Kotak Bank faces more than RS 60 Lakh fine
In accordance with an official statement, a fine of RS 61.4 LAKH in Kotak Mahindra Bank has been collected for breach of specific provisions under the guidelines on the loan system for the delivery of bank credit and loans and statutory advances and other restrictions.
IDFC first to pay almost RS 40 Lakh
In a separate statement, the RBI reported that IDFC First Bank has a penalized bone of RS 38.6 Lakh for not complying with certain instructions related to the known standards of its client (KYC).
RBI imposes around RS 30 Lakh fine on PSU
Moreover, a fine of RS 29.6 Lakh has been imposed on the National Punjab Bank for breach of certain regulatory instructions on customer service in banks.
The Central Bank clarified that the sanctions are based solely on regulatory compliance deficiencies and does not intend to question the validity of any transaction or food held by banks with their clients.