RBI fines Kotak, IndusInd banks Rs 1 crore each

The Reserve Bank of India (RBI) has imposed fines on Kotak Bank and IndusInd Bank for irregularities. Kotak Bank has been fined Rs 1.05 crore for failing to transfer unclaimed money to the depositor education and awareness fund, reversing unauthorised electronic transfers in time and not maintaining margins on advances to brokers.

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