RBI Slaps Penalty on Axis Bank and Indian Overseas Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations.

A statutory inspection of Axis Bank, with reference to its financial position, revealed “violations of various regulations issued by RBI in the assessment of NPAs”, or bad loans.
Source- The Livemint
Static/Current Takeaways Important for Exams-
  • Axis Bank CEO- Shikha Sharma, Headquarter- Mumbai.
  • MD & CEO of IOB- R. Subramaniakumar, Headquarters- Chennai.