RBI imposed a ₹38.6-lakh penalty on IDFC First Bank for non-compliance with provisions under its Know Your Customer (KYC) norms. The fine was imposed for lapses related to certain current accounts opened by the bank in violation of the RBI KYC Directions, 2016. RBI also imposed a ₹61.4-lakh penalty on Kotak Mahindra Bank for non-compliance with loan system guidelines.