Axis Bank fined Rs 91 lakh

Mumbai: The Reserve Bank of India (RBI) has imposed a fine of Rs 90.93 lakh on Axis Bank for violation of rules. RBI said on Thursday that this fine has been imposed for non-compliance of orders. The RBI statement said that it had issued some guidelines on KYC guidelines for loans and risk management. A fine has been imposed on the bank for not following these rules.

RBI conducted statutory inspection for supervisory assessment of the bank with reference to its financial position as on March 31, 2022. An account related investigation was also conducted by RBI. Furthermore, the bank failed to preserve records relating to the identity of customers and their addresses in some cases.

“Frequent calls to some customers did not ensure fair dealings by recovery agents with some delinquent (outstanding) borrowers, and the content/text of calls made by recovery agents to some customers were taped,” the RBI said in a statement. “Failed to ensure recording.”

–IANS