RBI Fines ICICI, Axis, 3 Other Key Banks Over Lack Of Compliances
The Axis bank, too, has been fined Rs 29.60 lakh over non-compliance with certain directions on “unauthorised operation of internal/office accounts”. In all cases, the RBI said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.