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NEW DELHI: Kotak Mahindra Bank has questioned the Reserve Bank of India’s authority to seek the reduction of stake by any investor – promoter or otherwise – in a lender. The Banking Regulation Act does not empower the RBI to require any bank to reduce any person’s shareholding or otherwise require any person to lower their stake in a bank, it said in a rejoinder to the central bank’s reply in the Bombay High Court, which ET reviewed.