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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 .

Scbs ucbsSavings bank depositAxis bankIndia financial servicesAlibag urban bankAccess to banking servicesMahabaleshwar urban cooperative bankImage sourceReserve bankPayment ecosystemSponsor banksCorporate customerCyber security frameworkFinancial servicesFinancial inclusion accessRisk assessment reports