The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on Axis Bank for violating certain provisions of know your customer (KYC) norms, on September 01, 2021. RBI had carried out scrutiny during February 2020 and March 2020 in a customer account maintained with the bank, where it was observed that the bank failed to comply with the KYC norms. As a result, the banking regulator issued the notice that Axis Bank did not comply with RBI – KYC Direction, 2016.
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