RBI imposes Rs 25 lakh fine on Axis Bank over KYC

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Axis Bank Ltd. Get to know your customer (KYC) Violation of certain provisions Rs 25 lakh on tax The central bank said that between February and March, 2020, the account of an Axis Bank customer was verified.

During the investigation, it was found that the bank failed to comply with the provisions contained in the RBI’s KYC directives, 2016.

RBI imposes Rs 25 lakh
RBI imposes Rs 25 lakh

According to the statement, the bank failed to make adequate efforts regarding the account. Due to this the bank could not ensure that the transactions in the customer’s account were in line with his business and risk profile. The RBI has issued a notice to the bank in this regard. After considering the response to the notice and the oral explanation, it was decided to impose a fine.

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