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Axis Bank, Indian Overseas Bank Fined by RBI
March 06, 2018
India’s central bank RBI has imposed a fine of Rs. 2 crores on Indian Overseas Bank (IOB) and Rs. 3 crores on Axis Bank with regard to non-compliance with KYC regulations and NPA classification regulations respectively.
RBI released a statement saying that it has imposed a penalty of Rs. 30 million on Axis Bank Ltd. for breaching the Income Recognition and Asset Classification (IRAC) norms. In another release, it said it has detected a fraud with IOB regarding the KYC norms and has imposed a fine of Rs. 20 million on the lender.
