ICICI Bank, Axis Bank slip on RBI penalty for KYC violations

ICICI Bank is down by 3%, Axis Bank by 2.1% and HDFC Bank by 0.16% on BSE.

Shares of ICICI Bank and Axis Bank have fallen more than 2% each on the Bombay Stock Exchange (BSE) after the Reserve Bank of India (RBI) imposed a fine on these banks for violating its instructions.

The RBI on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" (KYC) rules.

RBI has imposed a penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore ICICI Bank.

ICICI Bank is trading lower by 3% at Rs 1,090, followed by Axis Bank (down 2.1% at Rs 1,327) and HDFC Bank (down 0.16% at Rs 676) on BSE.