Mumbai: The RBI on Tuesday fined Axis Bank and HDFC Bank for regulatory noncompliance. The Reserve Bank of India (RBI) imposed a Rs 1.91 crore penalty on Axis Bank and Rs 1 crore on HDFC Bank. Axis Bank was penalised for failing to comply with certain Banking Regulation Act provisions and rules related to deposit interest rates, KYC norms and collateral-free farm loans. HDFC Bank was penalised Rs 1 crore failing to comply with directions related to deposit interest rates as well as guidelines in the deployment of recovery agents. The bank was also fined for noncompliance with customer service rules for banks.
Regarding Axis Bank, the RBI said a supervisory evaluation of the bank was conducted by RBI with reference to its financial position as of March 31, 2023, and a review of activities of its subsidiary company was carried out. A notice was issued. The central bank maintained the charges against Axis Bank and HDFC Bank after their responses to show cause notices confined noncompliance.
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The Reserve Bank of India on Tuesday penalised Axis Bank and HDFC Bank for regulatory noncompliance a combined sum of Rs 2.9 crore. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
