Reserve Bank of India: Arising from the findings of statutory inspection for ISE 2022 conducted by RBI. The investigation revealed several shortcomings, including, in some cases, the bank’s negligence in safeguarding records related to the identity and address of customers.
Axis Bank News: Reserve Bank of India (RBI) has taken strict action against private sector Axis Bank. RBI has imposed a fine of Rs 90.92 lakh against Axis Bank. This penalty has been imposed by the Central Bank on Axis Bank for not following the instructions. In its statement, the Reserve Bank said that some guidelines have been issued on KYC Guidelines, Loan and Risk Management of 2016. Fine has been imposed for not following these rules.
There is also a case of recovery agent not behaving properly.
This action arises out of the findings of the statutory inspection for ISE 2022 conducted by the RBI with respect to the financial position of Axis Bank as on March 31, 2022. The investigation revealed several lapses, including, in some cases, the bank’s negligence in maintaining records related to the identity and address of customers. Additionally, Axis Bank was found guilty of making frequent calls to some customers and the poor conduct of recovery agents with borrowers. A case of not doing so has also come to light.
The bank was not successful in providing the tape recording.
Not only this, the bank was also not successful in providing the tape recording of the calls made to some customers by the recovery agents. The IBI statement said that in the discussions held during the personal hearing, the central bank came to the conclusion that the allegations of not following the rules are true. Along with this, the Central Bank considered it necessary to impose a fine. Shares of Axis Bank Limited closed at Rs 1,025.60 on BSE with a fall of Rs 15.70 on Thursday.
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