Kotak Mahindra Bank fined ₹20 Lakhs by Chennai Court

Kotak Mahindra Bank Ltd has received an order from the Chief Metropolitan Magistrate Court, Egmore, Chennai, imposing a fine of ₹20,00,000. The fine is related to alleged excess collection of loan repayment amounts, delay in refund after foreclosure in 2007, and issues with account statements. The bank has filed an appeal against the order, believing it has strong grounds to support its position. The financial impact is limited to the fine amount. The disclosure was made following a communication from the National Stock Exchange of India Limited, as the matter was previously sub-judice.