A total fine of Rs 2.91 crore has been imposed on Axis Bank and HDFC Bank.
Mumbai:
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 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’.
Another statement said that HDFC Bank has been fined Rs 1 crore for non-compliance of certain instructions on ‘interest rate on deposits’, ‘recovery agents of banks’ and ‘customer service in banks’. RBI also said that these fines relate to deficiencies in statutory and regulatory compliance and will not affect the validity of any transaction or agreement made by the banks with their customers.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)
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