RBI imposes penalty of Rs 30 mn on Axis Bank and Rs 20 mn on IOB

Axis attracted fine for flouting NPA norms and Indian Overseas Bank for KYC breach

RBI slapped Rs 30-million fine on Axis Bank for flouting NPA norms and Indian Overseas Bank was fined Rs 20 million for KYC breach

The Reserve Bank of India (RBI) has fined private lender Axis Bank for violating RBI’s regulations for assessment of Non-Performing Assets (NPAs).  The monetary penalty is for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) in reference to Axis Bank’s financial position as on March 31, 2016.

The RBI also imposed a monetary penalty of Rs 20 million on Indian Overseas Bank for a fraud detected in one of its