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RBI Fines Axis Bank & IDBI Bank: Reserve Bank of India has fined private sector giant Axis Bank for various violations including KYC guidelines (Know Your Customer). RBI has also decided to impose penalty on IDBI Bank.

Banking and financial sector regulator Reserve Bank Of India said in a release that a monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by the RBI. According to the RBI, the private sector lender has levied these penalties for non-maintenance of certain provisions related to loans and advances, Know Your Customer (KYC) guidelines and ‘minimum balance in savings bank accounts’.

RBI has also decided to impose 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’.

IDBI Bank has also been fined for violating norms on strengthening of control of payments ecosystem between sponsor banks and corporate customers such as SCBs/UCBs and cyber security framework. RBI said that these penalties are based on deficiencies in compliance and are not intended to adjudicate on the validity of any transaction or agreement entered into with their respective customers.

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