Non-compliance with KYC norms: RBI imposes Rs 25-lakh penalty on Axis Bank
Non-compliance with KYC norms: RBI imposes Rs 25-lakh penalty on Axis Bank
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The  Reserve Bank of India (RBI) on Wednesday said it has slapped a penalty of Rs 25 lakh on Axis Bank Limited for contravention of certain provisions of KYC norms.

The RBI said a scrutiny was carried out during February and March 2020 in a customer account maintained with Axis Bank, and it was observed that the bank had “failed to comply” with directions contained in the Reserve Bank of India KYC Direction, 2016.

A notice was issued to the bank advising it to show cause why penalty should not be imposed on it for contravention of the directions. After considering the bank's reply and oral submissions, the Central bank came to the conclusion that the charge of contravention of/non-compliance with its directions were substantiated and warranted imposition of monetary penalty. The RBI  added that the penalty is based on 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.

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