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RBI Penalty: RBI, the regulator of the banking and monetary sector, has imposed fines on three huge banks of the nation for violating sure guidelines. The names of those banks are Jammu and Kashmir Bank, Bank of Maharashtra and Axis Bank.
Jammu and Kashmir Bank, Bank of Maharashtra fined
The Reserve Bank of India (RBI) on Friday stated it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance of sure instructions. Bank of Maharashtra has additionally been fined Rs 1.45 crore for non-compliance of sure instructions issued by RBI.
Axis Bank fined Rs 30 lakh
The central financial institution stated in one other assertion {that a} wonderful of Rs 30 lakh has been imposed on Axis Bank. It stated the financial institution had levied penal expenses in some accounts for late fee of bank card dues, although the purchasers had paid the dues via different means by the due date. RBI stated the penalty is predicated on deficiencies in regulatory compliance.
Last 12 months additionally Axis confronted penalty
Although wonderful has been imposed on Axis Bank earlier additionally and it was imposed throughout April 2022 final 12 months. The Reserve Bank of India had imposed penalty on the non-public sector large, Axis Bank for numerous violations together with KYC tips (Know Your Customer). Then the RBI, the regulator of the banking and monetary sector, stated in a launch {that a} financial penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of sure directions issued by the RBI. According to the RBI, the non-public sector lender needed to impose this penalty for non-compliance with sure provisions associated to loans and advances, Know Your Customer (KYC) tips and ‘upkeep of minimal stability in financial savings financial institution accounts’.
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