Reserve Bank of India (RBI) on Thursday said that it has imposed a penalty of Rs 90.93 lakh on Axis Bank for breach of norms.
The breach relates to directions issued by RBI on Know Your Customer (KYC) norms, ‘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’.”
The RBI carried out the Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as of March 31, 2022.