RBI imposes Rs 5-cr penalty on Axis Bank for rule violations

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework.
The penalty has been imposed for "contravention of/non-compliance" with certain provisions of directions issued by the RBI.
They include 'Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer'; 'Cyber Security Framework in Banks'; and 'Reserve Bank of India (Financial Services provided by Banks) Directions, 2016'.
They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'.

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