The Reserve Bank of India (RBI) has imposed penalties of Rs 3 crore and Rs 2 crore on Axis Bank and Indian Overseas Bank, respectively, for not complying with the central bank’s norms on the classification of non-performing assets and KYC.

The Reserve Bank of India (RBI) has imposed, on February 27, 2018, a monetary penalty of  30 million on Axis Bank Limited (the bank) for non-compliance issued by RBI And Indian Overseas Bank has violated its rules with KYC norms, This was detected  as per the Internal Audit done internally in the Bank.

In both cases, based on the documents and the reports, a notice was issued to the banks for non-compliance with directions issued by RBI.

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