Kotak Mahindra Asset Management (Singapore) Pte. Ltd.

Allegations: THE INDIVIDUAL IS A NON-EXECUTIVE DIRECTOR OF THE FIRM. HE IS A MEMBER OF THE INVESTMENT COMMITTEE OF KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED, INDIA ("KMAMC") AN AFFILIATE OF THE FIRM. THE SECURITIES AND EXCHANGE BOARD OF INDIA ALLEGED THAT THE MEMBERS OF THE INVESTMENT COMMITTEE OF KMAMC FAILED TO EXERCISE DUE DILIGENCE AND CARE IN ITS DECISION APPROVING SECURITIES FOR INVESTMENT BY FUNDS MANAGED BY KMAMC AND IMPOSED PENALTIES ON ALL THE MEMBERS OF THE COMMITTEE WHO APPROVED THE SECURITIES FOR INVESTMENT BY THE FUNDS. THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR2 MILLION (APPROX. USD 25000). Status: Pending Sanction Detail: THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR2 MILLION (ABOUT $25,000) . THE INDIVIDUAL HAS APPEALED TO THE SECURITIES APPELLATE TRIBUNAL, INDIA ("SAT"). THE SAT BY ITS ORDER DATED AUGUST 24, 2022 DIRECTED SEBI NOT TO INITIATE ANY RECOVERY PROCEEDINGS AGAINST THE APPELLANTS. THE APPEAL IS STILL PENDING. Summary: THE INDIVIDUAL IS A NON-EXECUTIVE DIRECTOR OF THE FIRM. HE IS A MEMBER OF THE INVESTMENT COMMITTEE OF KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED, INDIA ("KMAMC") AN AFFILIATE OF THE FIRM. THE SECURITIES AND EXCHANGE BOARD OF INDIA ALLEGED THAT THE MEMBERS OF THE INVESTMENT COMMITTEE OF KMAMC FAILED TO EXERCISE DUE DILIGENCE AND CARE IN ITS DECISION APPROVING SECURITIES FOR INVESTMENT BY FUNDS MANAGED BY KMAMC AND IMPOSED PENALTIES ON ALL THE MEMBERS OF THE COMMITTEE WHO APPROVED THE SECURITIES FOR INVESTMENT BY THE FUNDS. THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR2 MILLION (ABOUT $25,000) . THE INDIVIDUAL HAS APPEALED TO THE SECURITIES APPELLATE TRIBUNAL, INDIA ("SAT"). THE SAT BY ITS ORDER DATED AUGUST 24, 2022 DIRECTED SEBI NOT TO INITIATE ANY RECOVERY PROCEEDINGS AGAINST THE APPELLANTS. THE APPEAL IS STILL PENDING.

Allegations: KOTAK MAHINDRA BANK LIMITED ("BANK") IS THE PARENT OF THE FIRM. THE BANK RECEIVED AN ORDER DATED APRIL 24, 2024 FROM THE RESERVE BANK OF INDIA ("RBI"), DIRECTING THE BANK TO CEASE AND DESIST, WITH IMMEDIATE EFFECT FROM (I) ONBOARDING NEW CUSTOMERS THROUGH THE BANK'S ONLINE AND MOBILE BANKING CHANNELS AND (II) ISSUING FRESH CREDIT CARDS. THE ORDER WAS BASED, INTER ALIA, ON THE DEFICIENCIES OBSERVED BY THE RBI IN THEIR IT EXAMINATION OF THE BANK. Status: Final Sanction Detail: CEASE AND DESIST, WITH IMMEDIATE EFFECT (ORDER DATED 04/24/2024) FROM (I) ONBOARDING NEW CUSTOMERS THROUGH THE BANK'S ONLINE AND MOBILE BANKING CHANNELS AND (II) ISSUING FRESH CREDIT CARDS. THE ORDER SHALL BE REVIEWED BY RBI UPON SATISFACTORY REMEDIATION OF THE OBSERVATIONS MADE IN THEIR IT EXAMINATION OF THE BANK. Summary: THE BANK HAS TAKEN CONCRETE STEPS TO ADOPT NEW TECHNOLOGIES TO STRENGTHEN ITS IT SYSTEMS AND WILL CONTINUE TO WORK WITH RBI TO SWIFTLY RESOLVE BALANCE ISSUES AT THE EARLIEST.

Allegations: THE RESERVE BANK OF INDIA ALLEGED THAT IN RELATION TO A SECURITIES GENERAL LEDGER ("SGL") TRANSACTION IN BASKET REPO IN 182 DAY TREASURY BILLS CARRIED OUT BY KOTAK MAHINDRA BANK LIMITED'S TREASURY DEPARTMENT, THERE WAS A SHORTAGE OF SECURITIES TO THE TUNE OF RS.91.42 CRORE (ABOUT US$ 15 MILLION.) Status: Final Sanction Detail: A FINE OF INR 0.5 MILLION EQUIVALENT TO ABOUT $8,000 WAS LEVIED BY RESERVE BANK OF INDIA AND PAID IN FULL. Summary: KOTAK MAHINDRA BANK LIMITED'S ("KMBL") TREASURY FUNCTION HAD UNDERTAKEN A SUBSIDIARY GENERAL LEDGER ("SGL") BORROWING TRANSACTION IN BASKET REPO IN 182 DAY TREASURY BILLS FOR INR.200.78 CRORES (ABOUT $33 MILLION) ON APRIL 13, 2016. HOWEVER THERE WAS AN ERROR BY KMBL'S TREASURY IN COMPUTING THE AVAILABLE SECURITIES BALANCE RESULTING IN A SHORTFALL OF SECURITIES OF INR.91.42 CRORES (ABOUT $15 MILLION) IN THE SGL ACCOUNT OF KMBL WITH THE RESERVE BANK OF INDIA. AFTER CONSIDERING KMBL'S EXPLANATION, RBI IMPOSED A PENALTY OF INR 5 LAKH (ABOUT $8000) ON KMBL FOR THE SAID SGL BOUNCE.

Allegations: THE RESERVE BANK OF INDIA ALLEGED THAT KOTAK MAHINDRA BANK LIMITED HAS FAILED TO OBTAIN A NO OBJECTION CERTIFICATE FROM THREE BANKS THAT HAD ALREADY EXTENDED CREDIT FACILITIES TO DECCAN CHRONICLE HOLDINGS LIMITED (COMPANY) BEFORE EXTENDING A LOAN TO THE COMPANY AND FAILED TO INFORM THE BANK WHICH HAD PROVIDED WORKING CAPITAL FINANCE TO THE COMPANY ABOUT THE LOAN. Status: Final Sanction Detail: A PENALTY OF INDIAN RUPEES 1MILLION EQUIVALENT TO US$16434 WAS LEVIED BY RESERVE BANK OF INDIA PAID IN FULL (INR/USD RATE USED IS 60.8510 AS AT 1 AUGUST 2014). Summary: THE RESERVE BANK OF INDIA CONDUCTED A SCRUTINY OF THE BOOKS OF 12 BANKS DURING THE LAST QUARTER OF 2013 ON THE PROCESS FOLLOWED IN THE MATTER OF LENDING TO DECCAN CHRONICLE HOLDINGS LIMITED (COMPANY). EVEN THOUGH KOTAK MAHINDRA BANK LIMITED (KMBL) WAS AWARE THAT THE COMPANY HAD CREDIT FACILITIES FROM OTHER BANKS, KMBL FAILED TO OBTAIN A NO-OBJECTION CERTIFICATE FROM OTHER BANKS BEFORE EXTENDING A LOAN TO THE COMPANY AND DID NOT INFORM THE BANK THAT HAD PROVIDED WORKING CAPITAL FINANCE TO THE COMPANY ABOUT THE LOAN. RESERVE BANK OF INDIA LEVIED A FINE OF INR 1 MILLION ON KMBL FOR NOT FOLLOWING ITS GUIDELINES IN THE MATTER. KMBL BEING A PUBLIC LISTED COMPANY ON THE EXCHANGES IN INDIA DISCLOSED THIS MATTER IN ITS ANNUAL REPORT FOR THE YEAR 2014- 15.

Allegations: RESERVE BANK OF INDIA ALLEGED THAT KOTAK MAHINDRA BANK LIMITED, (I) DID NOT CATEGORISE GOLD / BULLION DEALERS, JEWELLERS AND TRUST RELATIONSHIPS AS HIGH RISK ACCOUNTS FROM THE ANTI-MONEY LAUNDERING PERSPECTIVE, (II) SOLD GOLD TO 5 CUSTOMERS IN CASH TRANSACTIONS EXCEEDING THE PRESCRIBED LIMIT OF INR 50,000, AND (III) FAILED TO OBTAIN THE TAX IDENTIFICATION NUMBER FROM THREE CUSTOMERS. Status: Final Sanction Detail: A FINE OF INR 15.01 MILLION EQUIVALENT TO US$252660 WAS LEVIED BY RESERVE BANK OF INDIA PAID IN FULL.(INR/USD RATE USED 59.4080 AS AT 22 JULY 2013). Summary: RBI CARRIED OUT A REVIEW OF INTERNAL CONTROL, COMPLIANCE SYSTEMS AND PROCESSES OF 39 BANKS IN INDIA IN APRIL 2013 IN RELATION TO AML/KYC REQUIREMENTS. WITH RESPECT TO KOTAK MAHINDRA BANK LIMITED (KMBL), RBI HELD THAT THE RISK SCORING MODEL WAS NOT IN ACCORDANCE WITH REGULATORY REQUIREMENTS. RBI ALSO FOUND IN 5 CASES (OUT OF ABOUT 13000 TRANSACTIONS), KMBL HAD SOLD GOLD TO CUSTOMERS IN CASH TRANSACTIONS EXCEEDING THE PRESCRIBED LIMIT OF INR 50,000. RBI ALSO NOTED KMBL HAD NOT OBTAINED THE TAX IDENTIFICATION NUMBER WITH RESPECT TO 3 TRANSACTIONS (OUT OF 738 TRANSACTIONS) UNDER A PRESCRIBED REMITTANCE SCHEME. A FINE OF INR15.01MILLION WAS LEVIED ON KMBL WHICH WAS PAID ON 22 JULY 2013. KMBL, BEING A LISTED COMPANY ON THE EXCHANGES OF INDIA, DISCLOSED THIS MATTER IN ITS ANNUAL REPORT FOR 2013-14.

Allegations: THE RESERVE BANK OF INDIA (RBI) ALLEGED THAT KOTAK MAHINDRA BANK LIMITED IN REPORTED A FOREIGN EXCHANGE TRANSACTION ON NET BASIS INSTEAD OF GROSS BASIS, AS REQUIRED BY RBI. Status: Final Sanction Detail: RBI IMPOSED A PENALTY OF INR.10000/- (ABOUT USD 155) ON KOTAK MAHINDRA BANK LIMITED WHICH WAS PAID VIDE CHEQUE ON 21ST APRIL 2017. Summary: IMPORTERS/EXPORTERS WHO WISH TO NET OFF THEIR RECEIVABLES/PAYABLES WITH THEIR OVERSEAS COUNTERPARTIES, NEED TO OBTAIN RBI APPROVAL FOR SUCH NETTING. RBI GRANTED APPROVAL FOR NETTING OFF TRANSACTION SUBJECT TO THE TERMS AND CONDITIONS THEREIN, WHICH INTER-ALIA INCLUDED A CONDITION THAT KMBL SHOULD REPORT THE TRANSACTIONS ON GROSS BASIS IN RELEVANT RETURNS HOWEVER KMBL REPORTED THE TRANSACTION ON NET BASIS INSTEAD OF GROSS BASIS. HAVING EXAMINED THE MATTER, RBI IMPOSED A PENALTY ON KMBL OF INR 10000 (ABOUT USD 155) FOR THE ERROR IN REPORTING .

Allegations: THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA) OF INDIA HAD NOTED THAT EXIDE LIFE INSURANCE COMPANY HAD PAID INFRASTRUCTURE FACILITY CHARGES TO THE ING VYSYA BANK (WHICH MERGED WITH KOTAK MAHINDRA BANK LIMITED ON APRIL, 1 2015) DURING 2013-14 AND IRDA FOUND THAT IT IS IN VIOLATION OF CLAUSE 21 OF THE GUIDELINES ON LICENSING OF CORPORATE AGENTS (DATED 14.7.2015) AND SECTION 40 OF INSURANCE ACT 1938 AS THE AMOUNT PAID HAD EXCEEDED THE LIMIT OF EXPENDITURE ON COMMISSION STIPULATED UNDER SEC 40 A OF THE INSURANCE ACT. Status: Final Sanction Detail: A FINE OF INDIAN RUPEES 0.1 MILLION EQUIVALENT TO USD 1549.90 WAS LEVIED BY RESERVE BANK OF INDIA PAID IN FULL (USD/INR RATE USED 64.52 AS AT 19TH FEBRUARY 2018) Summary: IRDA HAD NOTED THAT EXIDE LIFE INSURANCE COMPANY HAD PAID INFRASTRUCTURE FACILITY CHARGES TO THE ING VYSYA BANK (WHICH MERGED WITH KOTAK MAHINDRA BANK LIMITED ON 1 APRIL 2015) DURING 2013-14 AND IRDA FOUND THAT IT IS IN VIOLATION OF CLAUSE 21 OF THE GUIDELINES ON LICENSING OF CORPORATE AGENTS (DATED 14.7.2015) AND SECTION 40 OF INSURANCE ACT 1938 AS THE AMOUNT PAID HAD EXCEEDED THE LIMIT OF EXPENDITURE ON COMMISSION STIPULATED UNDER SEC 40 A OF THE INSURANCE ACT. KOTAK MAHINDRA BANK LIMITED HAD REPRESENTED THAT THE BANK HAD NEVER VIOLATED THE PROVISIONS OF ACT NOR ANY ADVERSE REMARKS WERE IDENTIFIED BY IRDA DURING THE INSPECTION OF THE AGENCY OF THE BANK AND SINCE THIS CASE PERTAINED TO PAYMENTS MADE PRIOR TO THE MERGER OF ING VYSYA BANK WITH KOTAK MAHINDRA BANK LIMITED, THE BANK MAY NOT BE PENALISED. HOWEVER IRDA MAINTAINED THAT IT IS A VIOLATION OF THE ACT AND HENCE NEED TO BE DEALT ACCORDINGLY AND LEVIED A FINE OF INR 0.1 MILLION.

Allegations: THE RESERVE BANK OF INDIA (RBI) HAD IMPOSED A PENALTY OF INR 20 LAKH (INR 2 MILLION) ON KOTAK MAHINDRA BANK LIMITED IN FEBRUARY 2019 FOR KNOW YOUR CUSTOMER (KYC) DEFICIENCIES FOUND IN OPENING ONE SAVINGS ACCOUNT OPENED IN THE YEAR 2010. Status: Final Sanction Detail: A FINE OF INR 2 MILLION EQUIVALENT TO USD 27898 WAS LEVIED BY THE RESERVE BANK OF INDIA WHICH WAS PAID IN FULL. (USD/INR RATE USED 71.69 AS AT 4TH FEBRUARY 2019) Summary: THE RBI HAD IMPOSED A PENALTY OF INR20 LAKH ( INR 2 MILLION) ON KOTAK MAHINDRA BANK LTD IN FEBRUARY 2019 FOR KYC DEFICIENCIES FOUND IN OPENING ONE SAVINGS ACCOUNT OPENED IN THE YEAR 2010. THIS WAS A CASE OF FAILURE OF THE PERSONNEL IN MEETING THE CUSTOMER BEFORE OPENING THE ACCOUNT. AS PER THE BANK'S PROCESSES IT IS MANDATORY TO MEET THE CUSTOMER BEFORE ON-BOARDING THE CUSTOMER. IN THE CITED CASE, BRANCH PERSONNEL HAD VISITED THE HOUSE OF THE CUSTOMER BUT DID NOT MEET THE CUSTOMER AND HAD CERTIFIED THAT THEY MET THE CUSTOMER. ACTION HAS ALREADY BEEN TAKEN ON THE ERRANT EMPLOYEE AND THE PROCESS HAS BEEN REITERATED FOR STRICTER COMPLIANCE.

Allegations: THE RESERVE BANK OF INDIA (RBI) HAS, BY AN ORDER DATED JUNE 06, 2019, IMPOSED A MONETARY PENALTY OF INR 2 CRORES (RS 20 MILLION) ON KOTAK MAHINDRA BANK LIMITED (THE BANK) FOR FAILURE TO FURNISH INFORMATION ABOUT DETAILS OF THE SHAREHOLDING HELD BY ITS PROMOTERS AND TO SUBMIT DETAILS OF THE PROPOSED COURSE OF ACTION/PLANS/STRATEGY OF THE BANK FOR COMPLYING WITH THE PERMITTED TIMELINE FOR DILUTION OF PROMOTER SHAREHOLDING Status: Final Sanction Detail: A FINE OF INDIAN RUPEES 20 MILLION EQUIVALENT TO USD 289184 WAS LEVIED BY RESERVE BANK OF INDIA PAID IN FULL (USD/INR RATE USED 69.16 AS AT 06TH JUNE 2019). Summary: THE RESERVE BANK OF INDIA (RBI) HAS, BY AN ORDER DATED JUNE 06, 2019, IMPOSED A MONETARY PENALTY OF RS 2 CRORES (RS 20 MILLION) ON KOTAK MAHINDRA BANK LIMITED (THE BANK) FOR FAILURE TO FURNISH INFORMATION ABOUT DETAILS OF THE SHAREHOLDING HELD BY ITS PROMOTERS AND TO SUBMIT DETAILS OF THE PROPOSED COURSE OF ACTION/PLANS/STRATEGY OF THE BANK FOR COMPLYING WITH THE PERMITTED TIMELINE FOR DILUTION OF PROMOTER SHAREHOLDING.

Allegations: RESERVE BANK OF INDIA (RBI) VIDE ITS LETTER DATED OCTOBER 17, 2023 LEVIED A PENALTY OF INR 3.95 CRORE (APPROX. USD 474000) ON THE BANK FOR NON-COMPLIANCE WITH RBI DIRECTIONS ON MANAGING RISKS AND CODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES BY BANKS, RECOVERY AGENTS ENGAGED BY BANKS, CUSTOMER SERVICE IN BANKS AND LOANS AND ADVANCES - STATUTORY AND OTHER RESTRICTIONS FOR FOLLOWING: A.INR 1 CRORE (APPROX. USD 120000) FOR FAILURE TO CARRYOUT ANNUAL REVIEW / DUE DILIGENCE OF SERVICE PROVIDER B.INR 1 CRORE (APPROX. USD 120000) FOR FAILURE TO ENSURE THAT CUSTOMERS ARE NOT CONTACTED AFTER 7 PM AND BEFORE 7 AM C.INR 1 CRORE (APPROX. USD 120000) FOR LEVYING INTEREST FROM DISBURSEMENT DUE DATE /LOAN AGREEMENT AND NOT FROM THE ACTUAL DATE OF FIRST DISBURSEMENT OF THE LOAN CONTRARY TO THE TERMS & CONDITIONS OF SANCTION D.INR 95 LAKHS (APPROX. USD 114000) FOR CHARGING FORECLOSURE CHARGE DESPITE THERE BEING NO CLAUSE IN THE LOAN AGREEMENT FOR LEVY OF PREPAYMENT PENALTY ON LOANS RECALLED/FORECLOSURE INITIATED BY THE BANK. Status: Final Sanction Detail: RESERVE BANK OF INDIA (RBI) VIDE ITS LETTER DATED OCTOBER 17, 2023 LEVIED A PENALTY OF INR 3.95 CRORE (APPROX. USD 474000) ON THE BANK WHICH WAS SETTLED ON 30 OCTOBER 2023. Summary: THE PENALTY WAS SETTLED ON 30 OCTOBER 2023.

Allegations: THE INDIVIDUAL IS A NON-EXECUTIVE DIRECTOR OF THE FIRM. HE IS A MEMBER OF THE INVESTMENT COMMITTEE OF KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED, INDIA ("KMAMC") AN AFFILIATE OF THE FIRM AND ALSO MANAGING DIRECTOR OF KMAMC. THE SECURITIES AND EXCHANGE BOARD OF INDIA ALLEGED THAT THE INDIVIDUAL FAILED TO ENSURE CERTAIN OBLIGATIONS (AS EXPLAINED BELOW UNDER ITEM 13). THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR3 MILLION (APPROX. USD 38000). Status: Pending Sanction Detail: THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR3 MILLION (APPROX. USD 38000) . THE INDIVIDUAL HAS APPEALED TO THE SECURITIES APPELLATE TRIBUNAL, INDIA ("SAT"). THE SAT BY ITS ORDER DATED AUGUST 24, 2022 DIRECTED SEBI NOT TO INITIATE ANY RECOVERY PROCEEDINGS AGAINST THE APPELLANTS. THE APPEAL IS STILL PENDING Summary: THE INDIVIDUAL IS A NON-EXECUTIVE DIRECTOR OF THE FIRM. HE IS A MEMBER OF THE INVESTMENT COMMITTEE OF KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED, INDIA ("KMAMC") AN AFFILIATE OF THE FIRM AND ALSO THE MANAGING DIRECTOR OF KMAMC. WITH RESPECT TO SOME FIXED MATURITY PLANS, KMAMC EXTENDED THEIR MATURITY DATE HOWEVER SEBI ALLEGED THAT THE FUNDS BEING FIXED MATURITY PLANS, ASSETS OF THE FUNDS SHOULD HAVE BEEN REDEEMED ON THE MATURITY DATE AND INVESTORS SHOULD HAVE BEEN PAID AND THE TENURE OF THE PLANS SHOULD NOT HAVE BEEN EXTENDED, AS PER SEBI RULES. IN THIS REGARD SEBI ALLEGED THAT THE INDIVIDUAL FAILED TO ENSURE THAT: (I) THE FUNDS WERE FULLY REDEEMED AT THE END OF MATURITY PERIOD OR WERE ROLLED OVER IN ACCORDANCE WITH THE PROVISIONS OF MUTUAL FUND ("MF") REGULATIONS; (II) THE FUNDS WERE WOUND UP ON THE EXPIRY OF DURATION FIXED IN THE SCHEMES (III) DESPATCH OF REDEMPTION OR REPURCHASE PROCEEDS WITHIN 10 WORKING DAYS FROM THE DATE OF REDEMPTION, AND (IV) FAIR VALUATION OF THE FUNDS. SEBI ALSO OBSERVED THAT HE FAILED TO ENSURE KMAMC'S COMPLIANCE WITH PROVISIONS OF MF REGULATIONS. THE PENALTY LEVIED ON THE INDIVIDUAL WAS INR3 MILLION (APPROX. USD 38000). THE INDIVIDUAL HAS APPEALED TO THE SECURITIES APPELLATE TRIBUNAL, INDIA ("SAT"). THE SAT BY ITS ORDER DATED AUGUST 24, 2022 DIRECTED SEBI NOT TO INITIATE ANY RECOVERY PROCEEDINGS AGAINST THE APPELLANTS. THE APPEAL IS STILL PENDING.

Allegations: RESERVE BANK OF INDIA ALLEGED THE FOLLOWING: 1. NON-COMPLIANCE WITH DIRECTIONS ON 'CUSTOMER PROTECTION - LIMITING LIABILITY OF CUSTOMERS IN UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS - (PENALTY INR3 MILLION). 2. CONTRAVENTION OF THE PROVISIONS OF SUBSECTION (2) OF SECTION26A OF THE BANKING REGULATION ACT, 1949 READ WITH PARAGRAPH 3 OF THE DEPOSITOR EDUCATION AND AWARENESS FUND SCHEME' 2014 (PENALTY INR3 MILLION). 3. NON-COMPLIANCE WITH DIRECTIONS ON BANKS, EXPOSURE TO CAPITAL MARKETS - RATIONALIZATION OF NORMS' AND LOANS AND ADVANCES -STATUTORY AND OTHER (PENALTY INR4.5 MILLION). Status: Final Sanction Detail: A PENALTY OF INR10.5 MILLION WAS LEVIED AND PAID IN FULL ON JULY 11, 2022. Summary: RESERVE BANK OF INDIA HAD ON JULY 04, 2022 LEVIED A PENALTY OF INR10.5 MILLION ON KOTAK MAHINDRA BANK LIMITED FOR THE FOLLOWING VIOLATIONS: 1. NON-COMPLIANCE WITH DIRECTIONS ON 'CUSTOMER PROTECTION - LIMITING LIABILITY OF CUSTOMERS IN UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS - (PENALTY INR3 MILLION). 2. CONTRAVENTION OF THE PROVISIONS OF SUBSECTION (2) OF SECTION26A OF THE BANKING REGULATION ACT, 1949 READ WITH PARAGRAPH 3 OF THE DEPOSITOR EDUCATION AND AWARENESS FUND SCHEME' 2014 (PENALTY INR3 MILLION). 3. NON-COMPLIANCE WITH DIRECTIONS ON BANKS, EXPOSURE TO CAPITAL MARKETS - RATIONALIZATION OF NORMS' AND LOANS AND ADVANCES -STATUTORY AND OTHER (PENALTY INR4.5 MILLION). THE PENALTY AGGREGATES INR10.05 MILLLION (ABOUT US$132,000). THE PENALTY WAS SETTLED BY PAYMENT ON JULY 11, 2022.