Axis Bank Ltd.

Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and 'levy of penal charges non-maintenance of minimum balances in savings bank accounts. The penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with their respective 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.