- Reserve Bank of India has imposed penalty on Axis Bank and IDBI Bank for various violations including KYC guidelines.
- A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI.
- The lender has imposed these penalties for non-maintenance of certain provisions related to loans and advances, KYC) guidelines and 'minimum balance in savings bank accounts' by the lender.
- RBI has also imposed a penalty of Rs 90 lakh on IDBI Bank.
- Penalty has been imposed for non-compliance of instructions on 'Reporting to IDBI Bank, Fraud - Classification and Reporting by Commercial Banks and Selected Financial Institutions'.
Tags:
Economics
