Axis Bank Ltd.

The Reserve Bank of India (RBI) has levied a monetary penalty of Rs 20 million on Axis Bank for non-compliance with Circular on ‘Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account’ dated January 22, 2014 and Master Directions on ‘Frauds - Classification and Reporting by commercial banks and select FIs’ dated July 01, 2016 issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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.