RBI imposes Rs 2 crore penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) has slapped a penalty of ?2 crore on Kotak Mahindra Bank, for the non-state lender’s failure to adhere to the regulator’s diktat on promoter shareholding.

The central bank has been engaged in a dispute with Kotak Mahindra since 2014 over its failure to meet the milestone for stake reduction by Uday Kotak, the billionaire promoter of the bank.

Jammu and Kashmir govt appoints RK Chibber as interim chief of J&K Bank

The Jammu and Kashmir government on June 8 removed J&K Bank Chairman Parvez Ahmad and appointed its executive president R K Chibber as an interim chairman.

The government said it has decided to take long term measures to improve functioning of the bank so that it becomes an example of a well managed government-owned bank and Ahmad's removal was the first step in that direction.