Reserve Bank of India (RBI) has imposed monetary penalty of Rs 25 lakh on Axis Bank Limited.
Penalty has been imposed by an order issued by RBI for contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India Know Your Customer (KYC)) Direction, 2016.
However, 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.
Click here for official notification:
Knowledge Source:
Pensioners Urged PM to Exempt Pension from Income Tax