Archive · 19 Dec 2025
RBI fines Kotak Mahindra Bank Rs 62 lakh
The Reserve Bank of India (RBI) has fined Kotak Mahindra Bank Rs 61.95 lakh.
This is because the bank did not follow some rules about basic savings accounts, business correspondents, and sharing information about loans.
The RBI found out during a check in 2024 that the bank opened extra savings accounts for some customers who already had one.
Also, the bank let business correspondents do things they were not supposed to and gave wrong information about some loans.
The RBI said the bank needs to follow the rules better in the future.
RBI imposed a Rs 61.95 lakh fine on Kotak Mahindra Bank for non-compliance with regulations.
The fine was for violations related to basic savings bank deposit accounts, business correspondents, and credit information companies.
The RBI's inspection found the bank opened duplicate BSBD accounts for some customers.
The bank also allowed business correspondents to perform activities outside their scope and provided inaccurate borrower information to credit agencies.
The penalty was announced in an order dated December 11, 2025, following an inspection referencing the bank's financial position as of March 31, 2024.
- Who
- Kotak Mahindra Bank
- What
- Fined Rs 61.95 lakh by RBI
- When
- Order dated December 11, 2025
- Where
- India
- Why
- Non-compliance with RBI directives and CIC Rules
- Bank
- Kotak Mahindra Bank
- Fine Amount
- Rs 61.95 lakh
- Date of Order
- December 11, 2025
- Non-compliance Areas
- Basic Savings Bank Deposit Account, Business Correspondents, Credit Information Companies
- Inspection Reference Date
- March 31, 2024