The Reserve Bank of India (RBI) has imposed a fine on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) for some lapses in regulatory compliance. The central bank gave this information on Thursday.

The Reserve Bank of India (RBI) has imposed a fine on Kotak Mahindra Bank, IDFC First Bank and Punjab National Bank (PNB) for some lapses in regulatory compliance. The central bank gave this information on Thursday.

The Reserve Bank of India said in a statement that Kotak Mahindra Bank has been fined Rs 61.4 lakh for non-compliance with certain instructions on 'Guidelines on Credit System for Bank Loan Delivery' and 'Loans and Advances - Statutory and Other Restrictions'. In another statement, the Reserve Bank said that IDFC First Bank has been fined Rs 38.6 lakh for non-compliance of certain instructions of 'Know Your Customer (KYC)'.

Punjab National Bank has been fined Rs 29.6 lakh for non-compliance with certain directions issued by the Reserve Bank on 'customer service in banks'. In all three cases, the central bank said that the fine is based on 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.