The Reserve Bank of India (RBI) on Thursday declared that it has imposed monetary penalties on several major financial and banking services firms due to certain deficiencies in regulatory compliance.
The central bank has imposed the fine on three banks, including public sector and private sector banks – Kotak Mahindra Bank, Punjab National Bank and IDFC First Bank.
On April 17, 2025, the RBI announced a fine of Rs 1.29 crore on several prominent financial services firms.
Kotak Bank faces over Rs 60 lakh fine
According to an official statement, a penalty of Rs 61.4 lakh has been levied on Kotak Mahindra Bank for non-compliance with specific provisions under the Guidelines on Loan System for Delivery of Bank Credit and Loans and Advances – Statutory and Other Restrictions.
IDFC First to pay nearly Rs 40 lakh
In a separate statement, the RBI informed that IDFC First Bank has been penalised Rs 38.6 lakh for failure to adhere to certain directions related to the Know Your Customer (KYC) norms.
RBI imposes around Rs 30 lakh fine on PSU
Moreover, a penalty of Rs 29.6 lakh has been imposed on Punjab National Bank for non-compliance with certain regulatory instructions concerning Customer Service in Banks.
The central bank clarified that these penalties are based solely on regulatory compliance deficiencies and are not intended to question the validity of any transaction or agreement entered into by the banks with their customers.
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