1 Sept 2021

Reserve Bank Of India Imposes Penalty On Axis Bank

Latest reports have been coming in from Reserve Bank of India which has imposed a hefty penalty on Axis Bank limited for non compliance with certain provisions and directions issued by Reserve Bank of India.

According to reports coming in RBI has imposeds a monetary penalty of Rs 25 Lakhs on Axis Bank Limited (the bank) for contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India.

As per sources this penalty has been imposed as the Axis Bank have not been able to fulfill KYC directions of 2016 Know Your Customer (KYC)) Direction, 2016. 

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