Axis Bank Ltd.

The Reserve Bank of India (RBI) has imposed penalties to the tune of Rs 5, 4.50 and 1 crore on Axis Bank, HDFC Bank and ICICI Bank respectively for violating guidelines related to details of customer identity known as 'know your customer' rules.

The central bank investigated the banks following an investigation by independent news website Cobrapost, which had alleged widespread money laundering practices at their branches. Apex bank, although found major anomalies in three largest private sector banks but did not prima facie evidence of money laundering.