RBI Fined Banks

BANKING AND ECONOMY

  • 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'.

 

Facts to know:

 

  • IDBI Bank was established in 1964.
  • CEO of IDBI Bank: Mr. Rakesh Sharma.
  • Axis bank was established in 1993.
  • CEO of Axis bank: Mr. Amitabh Chaudhry.
Reserve Bank of India
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