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The Reserve Bank of India (RBI) has imposed fines on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) for some deficiencies 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 Distribution' and 'Loans and Advances - Statutory and Other Restrictions'.

What mistake led to the fine?

In another statement, the Reserve Bank said that IDFC First Bank has been fined Rs 38.6 lakh for non-compliance with certain instructions on 'Know Your Customer (KYC)'.

Punjab National Bank has been fined Rs 29.6 lakh.

In all three cases, the central bank said that the fine is based on deficiencies in regulatory compliance and is not intended to adjudicate the validity of any transaction or agreement entered into by the banks with their customers.

Yes Bank receives notice of Rs 244 crore.

Yes Bank on Wednesday informed about receiving a demand notice of Rs 244.20 crore for the assessment year 2016-17. In a notice given to the stock market, the bank said, that in the reassessment order, the income declared in the income tax return was considered instead of the income determined for the calculation of reassessment income and tax thereon.

It said, in this regard, on April 15, 2025, the Jurisdictional Assessing Officer (JAO) passed a new order. Yes Bank said, that as a result of the said rectification order, an additional tax demand of Rs 244.20 crore has arisen ... It has been recalculated too much without any solid reason.

It said, the bank will file a rectification application before the JAO on an urgent basis against this order as the demand appears to be baseless. Apart from this, the bank will consider all other available remedies including filing an appeal.

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