RBI Fine: The Reserve Bank of India (RBI) has imposed a total fine of Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance.
RBI Fine: The Reserve Bank of India (RBI) has imposed a total fine of Rs 2.91 crore on Axis Bank and HDFC Bank for some deficiencies in statutory and regulatory compliance.
Why was Axis Bank fined?
RBI said in a statement on Tuesday that Axis Bank has been fined Rs 1.91 crore for violating certain provisions of the Banking Regulation Act and non-compliance of certain instructions on ‘interest rate on deposits’, ‘know your customer (KYC)’ and ‘agricultural credit flow – collateral free agricultural loan’.
Why was HDFC Bank fined
In another statement, it was said that HDFC Bank has been fined Rs 1 crore for not following certain instructions on ‘interest rate on deposits’, ‘recovery agents of banks’ and ‘customer service in banks’.
What will be the impact on customers
RBI also said that these penalties relate to deficiencies in statutory and regulatory compliance and will not affect the validity of any transaction or agreement entered into by the banks with their customers.
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