Axis Bank Ltd.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 25 lakh on Axis Bank for contravention of certain provisions of Know Your Customer (KYC) norms. The RBI said a scrutiny was carried out during February and March 2020 in a customer account maintained with Axis Bank, and it was observed that the bank had ‘failed to comply’ with directions contained in the Reserve Bank of India – KYC Direction, 2016.

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.