RBI Imposes Monetary Penalty on Axis Bank & IDBI Bank

RBI Imposes Monetary Penalty on Axis Bank & IDBI Bank The Reserve Bank of India (RBI) imposed monetary penalties on Axis Bank & IDBI Bank for non-compliance with certain directions issued by RBI The Press Release is Given Below:

Reserve Bank of India imposes monetary penalty on Axis Bank Ltd.

The Reserve Bank of India (RBI) has imposed, by an order dated April 07, 2022, a monetary penalty of ₹93 Lakh (Rupees Ninety-three Lakh only) on Axis Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India (Financial Services provided by Banks) Directions, 2016’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, and ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act). This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Reserve Bank of India imposes monetary penalty on IDBI Bank Limited

The Reserve Bank of India (RBI) has imposed, by an order dated April 07, 2022, a monetary penalty of ₹90 Lakh (Rupees Ninety Lakh only) on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on “Frauds - classification and reporting by commercial banks and select FIs”, “Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer” and “Cyber Security Framework in Banks”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 (the Act). This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. To Read Press Release Download PDF Given Below: