CURRENT AFFAIRS

Detailed explanation-1: -The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the aforesaid directions issued by RBI.

Detailed explanation-2: -RBI imposes monetary penalty on Kotak Mahindra Bank Limited This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Detailed explanation-3: -The Reserve Bank of India (RBI) has, by an order dated October 17, 2022, imposed a monetary penalty of ₹6 lakh (Rupees Six lakh only) on The Pratap Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.

Detailed explanation-4: -RBI imposes monetary penalty on IndusInd Bank Ltd (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.