Question
The Reserve Bank of India has imposed how much penalty
on Axis Bank for failure to comply with Know Your Customer (KYC) regulations after RBI’s Inspection for Supervisory Evaluation (ISE) for its financial position as of March 31, 2022?Solution
The Reserve Bank of India (RBI) has levied monetary penalties on Axis Bank and Manappuram Finance, citing non-compliance with certain regulations of the central bank. Axis Bank was fined Rs 90.92 lakh as the RBI found from its Inspection for Supervisory Evaluation (ISE) for its financial position as of March 31, 2022, that the lender failed to comply with Know Your Customer (KYC) regulations.
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