Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI s serious approach to enforcing regulations. The central bank s tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI s increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
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Rajeshwar Rao also pointed out that regulators must focus on achieving a delicate equilibrium that addresses the critical concerns without imposing an undue burden on regulated entities.
The other 5 NBFCs which surrendered their CoR are Marudhar Food & Credit, Creative Intra, Jinvani Trading & Investment, Manjushree Fincap, and Shruti Financial Services