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’.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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.
Important takeaways for all competitive exams:
Simon Commission of 1928 was one of the most controversial events in the Indian independence…
The Chauri Chaura Incident that occurred in 1922 was one of the most significant events…
Garden Reach Shipbuilders & Engineers (GRSE) launched its second NGOPV, “Shruti”, at their Kolkata shipyard…
Honorable Prime Minister Narendra Modi launched the autobiography of former Indian President Ram Nath Kovind,…
The close battle for ICC Men’s ODI World Cup 2027 is shaping up with 10…
For the India’s performing arts in 2026, Honorable President of India is set to confer…