He Reserve Bank of India has imposed penalties totaling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in legal and regulatory compliance.
In a statement on Tuesday, the Reserve Bank of India ( Reserve Bank of India ) said that a fine of Rs 1.91 crore has been imposed on Axis Bank for contravening certain provisions of the Banking Regulation Act and non-compliance with certain instructions regarding ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to Agriculture – Unsecured Agricultural Loans’.
A fine of 1 million rupees has been imposed on HDFC The bank was fined for failing to comply with certain instructions regarding ‘interest rates on deposits’, ‘recovery agents hired by banks’ and ‘customer service at banks’, it said in a separate statement.
He Reserve Bank of India He also said the sanctions are based on deficiencies in legal and regulatory compliance and are not intended to address the validity of any transaction or agreement entered into by the banks with their customers.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.