RBI imposes penalties of Rs 93 lakh each on Axis and IDBI Bank 

• The Reserve Bank of India has imposed a penalty of Rs 93 lakh each on Axis Bank and IDBI Bank for non-compliance of certain directions issued by RBI.
• A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for violating certain provisions on loans and advances, Know Your Customer (KYC) guidelines and ‘levy of penal charges non-maintenance of minimum balances in savings bank accounts.
• The IDBI Bank has been slapped a fine of Rs 93 lakh for non-compliance of directions on ‘frauds – classification and reporting by commercial banks and select financial institutions’, violating norms on ‘strengthening the controls of payment ecosystem between sponsor banks and corporate customers like SCBs/UCBs’ and ‘cyber security framework.’

Points to remember:

1. RBI has imposed what amount of monetary penalty on Axis Bank and IDBI bank for non-compliance of certain directions?

Source: Business Standard