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If the Bombay High Court favours the RBI in its judgement in this dispute, it would appear that the latter is empowered to invoke Section 46(1) on Uday Kotak, the CEO and Dipak Gupta, the joint managing director of the bank, as it has specifically used the word, “wilful” to describe the bank’s conduct.
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On October 21, 2023, Kotak Mahindra Bank (KMB) surprised the market by announcing that “the Reserve Bank of India (RBI) approved the...