RBI imposes a monetary penalty of ₹90.92 lakh on Axis Bank. Details here
RBI imposed a penalty of ₹90.92 lakh on Axis Bank for non-compliance with KYC, code of conduct guidelines. The penalty was imposed after the bank failed to preserve customer identification records, and did not obtain declarations from customers at the time of opening current accounts
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’.