The Reserve Bank of India (RBI) on Thursday (November 16) has taken stringent action against Axis Bank Ltd, imposing a monetary penalty of Rs. 90.92 lakh.

• The penalty, issued through an order dated November 2, 2023, is a consequence of Axis Bank's non-compliance with specific directives outlined by the RBI. 
• The directives in question pertain to the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016, Loans and Advances – Statutory and Other Restrictions, Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks, and Code of Conduct for Opening and Operating Current Accounts.
• This regulatory action stems from the findings of the statutory inspection for supervisory evaluation (ISE 2022), conducted by the RBI with reference to Axis Bank's financial position as of March 31, 2022.