• This action is based on deficiencies in following regulatory compliance directive.

Charges

• The bank was told to submit information about details of the shareholding held
  by its promoters and submit details of proposed course of action/plan/strategy.
• For complying with the permitted timeline for dilution of promoter shareholding.

Failure to Report

• However, bank failed to comply with the direction within the agreed timeframe.
• The bank was advised to show cause as to why penalty should not be imposed.
• After considering the submissions made by the bank during the hearing, it was
  concluded that the bank had failed to comply with the RBI directions as issued

Enforcement

• Monetary penalty of RP20mn has been imposed on the Kotak Mahindra Bank.