The Reserve Bank of India announced that it has fined IDBI bank and Axis Bank Rs 93 lakh each for a variety of infractions, including those connected to KYC standards. The RBI, on the other hand, stated that the penalties are based on regulatory compliance issues and are not intended to rule on the validity of any transaction or arrangement they have with their clients.
- IDBI Bank has also been fined Rs 93 lakh by the Reserve Bank of India.
- Axis Bank has been fined Rs 93 lakh by the Reserve Bank of India for failing to follow certain recommendations provided by the regulator, according to a press release.
- The private sector lender also broke several loan and advance provisions, as well as Know Your Customer (KYC) guidelines and the “levy of penal costs for non-maintenance of minimum balances in savings bank accounts,” according to the complaint.
- IDBI Bank was fined for failing to follow instructions on ‘fraud classification and reporting by commercial banks and select financial institutions.’
- According to another announcement, it was also punished for violating standards on’strengthening the controls of the payment ecosystem between sponsor banks and corporate customers such SCBs/UCBs’ and ‘cyber security framework.’