RBI fines Kotak, IndusInd banks Rs 1 crore each

MUMBAI: The RBI has imposed fines on Kotak Bank and IndusInd Bank for irregularities. Kotak Bank has been fined Rs 1.05 crore for failing to transfer unclaimed money to the depositor education and awareness fund, reversing unauthorised electronic transfers in time and not maintaining margins on advances to brokers.
The Rs 1-crore fine on IndusInd Bank is for not doing due diligence in accounts opened using OTP-based e-KYC, in a non-face-to-face mode where required.
Besides, the central bank has also penalised some co-operative banks between Rs 1 lakh and Rs 2 lakh.