The Reserve Bank of India (RBI) has imposed a Rs 2.91 crore penalty on Axis Bank and HDFC Bank for failing to comply with regulatory standards.

In a statement, the Reserve Bank of India (RBI) disclosed that Axis Bank has been fined Rs 1.91 crore for violations of the Banking Regulation Act.

The infractions include failures related to 'Interest Rate on Deposits,' 'Know Your Customer (KYC),' and 'Credit Flow to Agriculture—Collateral-Free Agricultural Loans.'

Meanwhile, HDFC Bank has been fined Rs 1 crore for non-compliance with directions related to interest rates, customer service practices, and the use of recovery agents.