New Delhi, September 11,2024.
The RBI has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance.
In a statement on Tuesday, the Reserve Bank of India (RBI) said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to Agriculture-Collateral free agricultural loans’.
A penalty of Rs 1 crore has been imposed on HDFC Bank for non-compliance with certain directions on ‘interest rate on deposits’, ‘recovery agents engaged by banks’ and ‘customer service in banks’, it said in another release.