 "rbi, reserve bank of india")
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on private lender Kotak Mahindra Bank for failing to provide information about promoter shareholding in the bank and the course of action the bank was taking to dilute promoters’ shareholding as per the regulator’s norms.
“This action is 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 bank,” the RBI said.
The RBI issued a show cause notice to the bank for failing to convey its course of action to achieve dilution
