RBI imposes monetary penalty on Axis, IDBI banks

New Delhi, 8/4: Reserve Bank of India on Friday said it has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines.

 

 

The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank.

 

A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.

 

The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and ‘levy of penal charges non-maintenance of minimum balances in savings bank accounts