RBI imposes Rs 25 lakh fine on Axis Bank for flouting KYC norms
- 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.
Source: Business Standard
Points to Remember:
- How much amount of fine has been imposed by RBI on Axis Bank for failing to comply with KYC Norms?