Once again, many banks of the country are in the face of the Reserve Bank of India (Reserve Bank of India). It is learned that the banking and financial sector regulator RBI has fined three major banks of the country for violating certain norms. Do you know the names of these banks?
Do you know how much impact this RBI decision will have on your bank?
The three banks that have been fined are Jammu and Kashmir Bank, Bank of Maharashtra and Axis Bank. Yes, you heard it right. The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for not complying with certain directives. Besides, RBI has imposed a penalty of Rs 1.45 crore on Bank of Maharashtra. On the other hand, Axis Bank has been fined Rs 30 lakh by RBI.
The Reserve Bank of India said the bank imposed penalty charges on some accounts for late payment of credit card dues, even though customers paid dues by other means by the due date.
It should be noted that Axis was fined last year as well. However, earlier the penalty was imposed in April last year. Reserve Bank of India fined private sector lender Axis Bank for various violations including KYC guidelines.
The then banking and financial sector regulator RBI said in a statement that Axis Bank had been fined Rs 93 lakh for non-compliance with certain directions issued by the RBI.
According to RBI, the penalty was levied on the private sector lender for non-compliance with certain provisions relating to loans and advances, KYC guidelines and ‘minimum balance in Sanchay bank account’.