RBI imposes Rs 25 lakh fine on Axis Bank for violating KYC rules

The Reserve Bank of India has imposed a monetary penalty of Rs 25 lakh on private lender Axis Bank for non-compliance with regard to KYC rules. Here is all you need to know.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on private lender Axis Bank for non-compliance. The penalty was announced by the central bank on September 1. The RBI said the fine was imposed for non-compliance with certain provisions of directions issue by it in Reserve Bank of India — KYC Direction, 2016.