RBI Penalty: RBI, the regulator of the banking and financial sector, has imposed fines on three big banks of the country for violating certain rules. The names of these banks are Jammu and Kashmir Bank, Bank of Maharashtra and Axis Bank.
Jammu and Kashmir Bank, Bank of Maharashtra fined
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance of certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by RBI.
Axis Bank fined Rs 30 lakh
The central bank said in another statement that a penalty of Rs 30 lakh has been imposed on Axis Bank. It said the bank had levied penal charges in some accounts for late payment of credit card dues, though the customers had paid the dues through other means by the due date. RBI said the penalty is based on deficiencies in regulatory compliance.
Axis had faced penalty last year as well.
Although fine has been imposed on Axis Bank earlier also and it was imposed during April 2022 last year. The Reserve Bank of India had imposed penalty on the private sector giant, Axis Bank for various violations including KYC guidelines (Know Your Customer). Then the RBI, the regulator of the banking and financial sector, said in a release that a monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain instructions issued by the RBI. According to the RBI, the private sector lender had to impose this penalty for non-compliance with certain provisions related to loans and advances, Know Your Customer (KYC) guidelines and ‘maintenance of minimum balance in savings bank accounts’.
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