The Reserve Bank of India (RBI) has levied a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on gold loan firm Manappuram Finance for non-compliance with specific directions of the banking sector regulator. This penalty is attributed to the violation of guidelines outlined by the RBI on various aspects, as detailed in the Reserve Bank of India (KYC) Directions, 2016.
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Thursday imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on gold loan firm Manappuram Finance for violation of certain directions of the banking sector regulator. Latest News | RBI Slaps Fines on Axis Bank, Manappuram Finance.