Axis Bank Penalty: The Reserve Bank of India (RBI) has levied a penalty of approximately Rs 91 lakh on Axis Bank, and here are the details behind this development.
RBI Penalizes Axis Bank: In a significant move against the country’s largest private sector bank, the RBI has imposed a penalty of Rs 90.92 lakh, as revealed in a recent press release by the central bank. This action was taken due to Axis Bank’s failure to comply with RBI regulations.
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Reasons for Action Against Axis Bank
As per RBI’s explanation, the penalty on Axis Bank stemmed from its non-adherence to Know Your Customer (KYC) guidelines. The bank fell short in maintaining records related to identity and address details of certain customers, leading to the penalty for non-compliance with 2016 KYC directives.
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Misconduct by Recovery Agents
Additionally, the RBI discovered misconduct by some of Axis Bank’s recovery agents while dealing with customers who had taken loans. RBI issued a notice to the bank regarding this behavior. Although the bank responded, the RBI found the response unsatisfactory, resulting in the imposed penalty.
Fine on Manappuram Finance
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Alongside Axis Bank, the RBI also took action against Manappuram Finance, imposing a total fine of Rs 42.78 lakh. This action was a consequence of the finance company’s breach of regulations outlined in the Non-Banking Finance Company-Systemically Important Non-Deposit Taking Company and Deposit Taking Company 2016 guidelines.
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