RBI penalty on HDFC Bank Axis Bank The Reserve Bank (RBI) has imposed a heavy fine on Axis Bank and HDFC Bank. Both these private sector banks have ignored some rules and instructions of RBI, due to which they have been penalized. Let us know why these two banks have been fined and whether it will affect their customers as well.
The Reserve Bank has imposed a heavy fine on two big private sector banks – Axis Bank and HDFC Bank. This fine has been imposed due to non-compliance of necessary rules. The banking regulator has imposed a total fine of Rs 2.91 crore on Axis Bank and HDFC Bank.
Axis Bank fined Rs 1.91 crore
The Reserve Bank (RBI) said in a statement on Tuesday that Axis Bank violated some provisions of the Banking Regulation Act. Also did not follow some instructions on ‘interest rate on deposits’ and ‘know your customer (KYC)’ and ‘loan for agriculture’. Due to this, a fine of Rs 1.91 crore has been imposed on the bank.
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HDFC Bank will pay a fine of Rs 1 crore
The central bank said in another statement that the largest private sector lender HDFC Bank did not follow some instructions on ‘interest rate on deposits’, ‘recovery agents appointed by banks’ and ‘customer service in banks’. For this, a fine of Rs 1 crore has been imposed on it.
RBI also said that the fine has been imposed for not following certain rules. It will not have any impact on the customers of the bank.
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