The Reserve Bank of India has imposed a monetary penalty of Rs 5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions issued by RBI on ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’, ‘Cyber Security Framework in Banks’, ‘RBI (Financial Services provided by Banks) Directions, 2016’, ‘Financial Inclusion- Access to Banking Services – Basic Savings bank Deposit Account’ and ‘Frauds – Classification and Reporting’.
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The penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act). The RBI had conducted statutory Inspections for Supervisory Evaluation (ISE) of Axis Bank with reference to its financial position as of March 31, 2017, March 31, 2018 and March 31, 2019.
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