The Reserve Bank of India (RBI) imposed a penalty of Rs 93 lakh each on Axis Bank and IDBI Bank for violating the guidelines of the RBI.
The RBI imposed fines on Axis Bank due to non-compliance with certain directions issued by RBI - the violations include the directions related to - loans and advances, KYC guidelines and 'levy of penal charges non-maintenance of minimum balances in savings bank accounts’.
The RBI imposed fines on IDBI Bank for non-compliance with directions on 'frauds - classification and reporting by commercial banks and select financial institutions'.
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