Explanation:

Reserve Bank of India imposed 2 crore penalty 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. The lender moved court on December 10, challenging the RBI directive, which had instructed it to dilute the promoter shareholding from around 30% to a maximum of 20% of its paid-up voting equity  ..