Axis Bank, HDFC Bank Fined 2.91 Crore For Deficiencies In Regulatory Compliance
NDTV
The RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions.
The Reserve Bank of India (RBI) has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance. In a statement on Tuesday, the RBI said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions on 'Interest Rate on Deposits', 'Know Your Customer (KYC)' and 'Credit Flow to Agriculture-Collateral free agricultural loans'.
A penalty of Rs 1 crore has been imposed on HDFC Bank for non-compliance with certain directions on 'interest rate on deposits', 'recovery agents engaged by banks' and 'customer service in banks', it said in another release.
Regarding Axis Bank, the RBI said a supervisory evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2023 and a review of activities of its subsidiary company was carried out. A notice was issued.
