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[ad_1] Bengaluru: The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting. The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release. The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection. The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said. The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore. The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure t

[ad_1] Kotak Mahindra Bank's loans grew 19%, while deposits rose just over 22%. India's Kotak Mahindra Bank beat expectations on Saturday with a 67% year-on-year rise in quarterly net profit, helped by higher net interest income and robust loan growth. The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) in the three-months ending June 30, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data. Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees. Its net interest margin (NIM) grew to 5.57%, compared with 4.92% in the year-earlier period but was lower than 5.75% reported in the January-March quarter. Going forward, the bank's NIM "will keep moderating" as cost of funds keep moving up, Dipak Gupta, joint managing director said at a virtual press briefing. Margins will come back to the "normal" 5