MUMBAI: The Reserve Bank of India (RBI) announced on Friday that it has imposed a fine of Rs 93 lakh on Axis Bank for various breaches including those related to KYC guidelines.
The central bank also imposed a fine of Rs 90 lakh on IDBI Bank.
A fine of Rs 93 lakh has been imposed on Axis Bank for non-compliance with certain guidelines issued by RBI, the regulator said in a statement.
The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and “the levying of criminal charges for not maintaining minimum balances in savings bank accounts”, it said. he adds.
IDBI Bank was sanctioned for non-compliance with guidelines on “fraud – classification and reporting by commercial banks and certain financial institutions”.
It was also fined for breaching standards on ‘strengthening payment ecosystem controls between sponsor banks and corporate clients like SCBs/UCBs’ and ‘cybersecurity framework’, according to another. communicated.
RBI, however, said the sanctions are based on deficiencies in regulatory compliance and are not intended to rule on the validity of any transaction or agreement entered into by them with their respective clients.
The central bank also imposed a fine of Rs 90 lakh on IDBI Bank.
A fine of Rs 93 lakh has been imposed on Axis Bank for non-compliance with certain guidelines issued by RBI, the regulator said in a statement.
The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and “the levying of criminal charges for not maintaining minimum balances in savings bank accounts”, it said. he adds.
IDBI Bank was sanctioned for non-compliance with guidelines on “fraud – classification and reporting by commercial banks and certain financial institutions”.
It was also fined for breaching standards on ‘strengthening payment ecosystem controls between sponsor banks and corporate clients like SCBs/UCBs’ and ‘cybersecurity framework’, according to another. communicated.
RBI, however, said the sanctions are based on deficiencies in regulatory compliance and are not intended to rule on the validity of any transaction or agreement entered into by them with their respective clients.
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