RBI: Rs 3 Cr penalty on Axis Bank, Rs 2 Cr on Indian Overseas Bank
Written by : SMTV24x7 | Mon, Mar 05, 2018, 11:04 PM
Mumbai, March 05: The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations, the banking regulator said on Monday.
A statutory inspection of Axis Bank, with reference to its financial position as on March 31, 2016, revealed "violations of various regulations issued by RBI in the assessment of NPAs", or bad loans, the central bank said in a statement.
"The RBI has imposed, on February 27, 2018, a monetary penalty of Rs 30 million on Axis Bank Ltd for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms," it said.