The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms. The apex bank had carried out a statutory inspection of Axis Bank with reference to its financial position as on March 31, 2016. The inspection revealed violations of various regulations issued by RBI in the assessment of non-performing assets (NPA).
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
