RBI imposes Rs 5 crore penalty on Axis Bank for non-compliance with certain rules

Current GK ( Master) Banking Awareness

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 crore on Axis Bank on July 28, 2021, for non-compliance with certain provisions of the norms of central bank.
The penalty has been imposed for contravention of certain provisions of directions issued by the RBI on ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’, ‘Cyber Security Framework in Banks’, ‘RBI (Financial Services provided by Banks) Directions, 2016’, ‘Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account’ and ‘Frauds – Classification and Reporting’.