RBI Imposes Monetary Penalty of ₹2.91 Crore on Axis Bank and HDFC Bank.

Banking & Finance

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.91 crore on Axis Bank and HDFC Bank for non-compliance with regulatory norms. This action underscores the RBI's commitment to ensuring that banks adhere to established guidelines and maintain the integrity of the financial system. Axis Bank was fined ₹1.1 crore, while HDFC Bank faced a penalty of ₹1.81 crore. The RBI's decision comes as part of its ongoing efforts to promote accountability and transparency in the banking sector, highlighting the importance of strict adherence to regulations to safeguard customer interests and maintain public confidence.


      The penalties reflect the RBI's strict approach towards ensuring compliance among banking institutions.

     

     

 

     


About Axis Bank,

CEO: Amitabh Chaudhry
Headquarters: Mumbai
          ____________________________