RBI fines Axis Bank Rs 25 lakh for flouting KYC norms

The Reserve Bank of India (RBI) said on Wednesday it has fined Axis Bank Rs 25 lakh for violating certain provisions of know your customer (KYC) norms.

The action was based on deficiencies in regulatory compliance and does not pronounce upon the validity of any transaction or agreement, the RBI said.

The fine is based on a scrutiny  carried out by RBI during February 2020 and March 2020 in a customer account maintained with the bank, where it was observed that the bank failed to comply with the KYC norms, the RBI said in its statement.