RBI strict on violators of rules, 3 big banks including Axis fined crores

New Delhi (Best Hindu News): RBI has taken strict action against the banks which violate the rules. RBI, the regulator of the banking and financial sector, has imposed fines on three big banks of the country for violating certain rules. The names of these banks are Jammu and Kashmir Bank, Bank of Maharashtra and Axis Bank.

The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI.

In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank. It said the bank had levied penal charges in some accounts for late payment of credit card dues, though the customers had paid the dues by the due date through other means. RBI said the penalty is based on deficiencies in regulatory compliance.

However, Axis Bank has been fined earlier also and it was imposed during April 2022 last year. Reserve Bank of India had imposed penalty on private sector giant, Axis Bank for various violations including KYC guidelines. Then the banking and financial sector regulator RBI said in a release that a monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by the RBI. According to the RBI, the private sector lender had imposed this penalty for non-compliance with certain provisions related to loans and advances, Know Your Customer (KYC) guidelines and ‘maintenance of minimum balance in savings bank accounts’.