New Delhi: The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Axis Bank for violating certain provisions of its directives, including the Cyber Security Framework. RBI informed in this regard. Violation of certain provisions of the directions issued by the RBI. The penalty has been imposed for non-compliance. These instructions include strengthening control of payment ecosystem between sponsor banks and SCBs/UCBs as corporate customers, cybersecurity framework in banks and Reserve Bank of India (Financial Services provided by banks) Directive, 2016.

These include economic inclusion-banking services facility- primary savings bank deposit account, and fraud classification and reporting. RBI said statutory inspections for supervisory evaluation (ISE) of the bank were carried out on March 31, 2017, (ISE 2017), March 31, 2018, (ISE 2018), and the economic status of March 31, 2019 (ISE 2019). ISE revealed violations of instructions in the investigation of the risk assessment report related to 2017, ISE 2018, and ISE 2019.

States that the central bank generally imposes penalties on banks for not following the rules. A few days ago, the RBI imposed monetary penalties on 14 banks, including Bandhan Bank, Bank of Baroda, and State Bank of India (SBI) for violation of various rules. These 14 banks included public sector banks, private banks, foreign banks, cooperative banks, and a small finance bank.

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