This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI added for penalties imposed on both lenders.
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 .
RBI imposes Rs 5 crore penalty on Axis Bank indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.