Skip to content
RBI penalizes Axis Bank and IDBI Bank for non-compliance with regulatory standards


RBI penalized Axis Bank, IDBI Bank for regulatory compliance failures

The Reserve Bank of India (RBI) has imposed penalties worth Rs 93 lakh and Rs 90 lakh respectively on Axis Bank and IDBI Bank for regulatory compliance failures.

At the same time, the central bank clarified that the sanctions do not in any way pronounce on the validity of the transactions of the institutions with their customers.

The action was taken against IDBI Bank for non-compliance with instructions issued by RBI on “Fraud – Classification and Reporting by Commercial Banks and Certain Financial Institutions”, “Strengthening Payments Ecosystem Controls Between Sponsor Banks and commercial banks programmed as a corporate client” and “Cybersecurity Framework in Banks”.

Axis Bank has been penalized for failing to comply with certain guidelines issued by the RBI on “Loans and Advances – Statutory and Other Restrictions”, “Reserve Bank of India (Financial Services Provided by Banks) Directions, 2016”, “ Reserve Bank of India KYC Directions 2016” and “Levying Criminal Sanctions for Failure to Meet Minimum Balances in Savings Bank Accounts”.

ndtv

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.