RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
Mumbai (PTI): The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and Advances-Statutory and Other restrictions' and 'Frauds classification and reporting by commercial banks and select Fls'.
In another statement, the RBI said the penalty on Kotak Mahindra Bank Limited has been imposed for contravention of directions related to "Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks", "Recovery Agents engaged by Banks", "Customer Service in Banks", and "Loans and Advances - Statutory and Other Restrictions".
In both cases, the RBI said the penalties are 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 banks with their customers.
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IPS officer Abdul Ahad appointed BMTC Security and Vigilance Director
Bengaluru: Senior IPS officer Abdul Ahad, who was serving as the Deputy Commissioner of Police (DCP) of the Bengaluru City Crime Branch (CCB), has been transferred as the Director of Security and Vigilance for BMTC.
Earlier, the senior officer from Mangaluru’s Moodbidri served as the Superintendent of Police (SP) of the Coastal Security Police. In September last year, he was appointed as the DCP of the CCB.
Abdul Ahad has also held several key positions, including DCP of Bengaluru’s Whitefield division, SP of the Anti-Corruption Bureau (ACB) Bengaluru, SP of the Economic Offences Wing at CID, and Commandant at KSRP.
