RBI imposes a monetary penalty of ₹90.92 lakh on Axis Bank. Details here
The Reserve Bank of India imposed a monetary penalty of ₹90.92 lakh on Axis Bank Ltd for non-compliance with certain directions issued by the apex bank on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Code of Conduct for Opening and Operating Current Accounts’.
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