{"id":330684,"date":"2024-09-12T17:30:17","date_gmt":"2024-09-12T12:00:17","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=330684"},"modified":"2024-09-12T17:09:41","modified_gmt":"2024-09-12T11:39:41","slug":"rbi-imposes-penalty-1-91-crores-axis-bank-failure-to-comply-with-banking-regulation-act-1949-and-rbi-directions","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/12\/rbi-imposes-penalty-1-91-crores-axis-bank-failure-to-comply-with-banking-regulation-act-1949-and-rbi-directions\/","title":{"rendered":"RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949 and RBI Directions"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">By an order dated 03-09-2024, the Reserve Bank of India (&#8216;RBI&#8217;) imposed a penalty of Rs. 1.91 crores on Axis Bank Limited (&#8216;Axis bank&#8217;) for contravention of Section 19 (1)(a) of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/1Y93e8oe\" target=\"_blank\" rel=\"noopener\">Banking Regulation Act, 1949<\/a> and non-compliance with certain directions issued by RBI on &#8216;Interest rate on deposits&#8217;, &#8216;<a href=\"http:\/\/www.scconline.com\/DocumentLink\/b6CnK5zZ\" target=\"_blank\" rel=\"noopener\">Know Your Customer (KYC)<\/a>&#8217;, and &#8216;Credit flow to Agriculture &#8212; collateral free agricultural loans&#8217;.<\/p>\n<p style=\"font-weight: bold;\">Background<\/p>\n<p style=\"margin-bottom: 3%;\">RBI conducted a statutory inspection for supervisory evaluation regarding the financial position of Axis bank as well as a review of activities of its subsidiary company on 31-03-2023. Thereafter, a show cause notice was sent to Axis bank seeking an answer as to why a penalty should not be imposed on it for failure to comply with the BR Act and RBI directions.<\/p>\n<p>RBI found that the following charges against Axis bank were sustained:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Axis bank opened certain savings deposit accounts in the name of ineligible entities;<\/p>\n<\/li>\n<li>\n<p>Axis bank had allotted multiple customer identification codes to certain customers instead of a Unique Customer Identification Code (UCIC) for each customer;<\/p>\n<\/li>\n<li>\n<p>Axis bank had obtained collateral security for agricultural loans up to Rs. 1.6 lakh in certain cases;<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">A wholly owned subsidiary of Axis bank undertook the business of technology service provider, which was impermissible as per Section 6 of the BR Act.<\/p>\n<\/li>\n<\/ul>\n<p style=\"margin-bottom: 3%;\">Further, RBI clarified that the action taken was based on deficiencies in statutory and regulatory compliance and was not related to the validity of any transaction or agreement entered into by Axis bank with its customers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Axis bank contravened S. 19(1)(a) of the Banking Regulation Act as one of its wholly owned subsidiaries was engaged in an impermissible business as per S. 6 of the Act.<\/p>\n","protected":false},"author":8808,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[73057,52129,17031,30681,2611,58686],"class_list":["post-330684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-1-91-crore-penalty","tag-axis-bank","tag-banking-regulation-act","tag-non-compliance","tag-RBI","tag-rbi-directions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949 and RBI Directions | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India imposes penalty 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2022","format":false,"excerpt":"The Reserve Bank of India (\u2018RBI') has imposed a penalty of Rs. 1.5 crore on Kotak Mahindra Bank Ltd.(\u2018Kotak') for contravening the provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014, and RBI directions. As per the Statutory Inspection for Supervisory Evaluation(\u2018ISE') conducted by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221562,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/30\/rbi-imposes-monetary-penalty-on-bandhan-bank-janata-sahakari-bank-ltd-and-jalgaon-peoples-co-operative-bank-ltd\/","url_meta":{"origin":330684,"position":2},"title":"RBI imposes monetary penalty on Bandhan Bank, Janata Sahakari Bank Ltd. and Jalgaon Peoples Co-operative Bank Ltd.","author":"Bhumika Indulia","date":"October 30, 2019","format":false,"excerpt":"Bandhan Bank Limited he Reserve Bank of India (RBI) has, by an order dated October 29, 2019, imposed a monetary penalty of Rs One crore on Bandhan Bank Limited (the bank) for non-compliance with the guidelines on promoter holding contained in \u2018Guidelines for Licensing of New Banks in Private Sector\u2019\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":295452,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/27\/rbi-imposes-penalty-of-rs-thirty-lakhs-on-axis-bank-legal-news\/","url_meta":{"origin":330684,"position":3},"title":"RBI imposes penalty of Rs. 30 Lakhs on Axis Bank Ltd. for wrongly levying penal charges on its credit card holders on account of late payment","author":"Kriti","date":"June 27, 2023","format":false,"excerpt":"On 23-6-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed a penalty of Rs. 30 lakhs on Axis Bank Ltd. for non-compliance with Directions on \u2018Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances - Credit Card Accounts\u2019. Background: On 31-3-2023, statutory inspection for Supervision Evaluation was conducted\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":212645,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/29\/reserve-bank-of-india-imposes-monetary-penalty-on-punjab-national-bank\/","url_meta":{"origin":330684,"position":4},"title":"Reserve Bank of India imposes monetary penalty on Punjab National Bank","author":"Bhumika Indulia","date":"March 29, 2019","format":false,"excerpt":"RBI has imposed, by an order dated February 25, 2019, a monetary penalty of Rs 20 million (Rupees Twenty Million) on Punjab National Bank (the bank) for non-compliance with directions issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":224658,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/28\/rbi-imposes-monetary-penalty-on-jaiprakash-narayan-nagari-sahakari-bank-ltd\/","url_meta":{"origin":330684,"position":5},"title":"RBI imposes monetary penalty on Jaiprakash Narayan Nagari Sahakari Bank Ltd.","author":"Bhumika Indulia","date":"January 28, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed a monetary penalty of Rs 1.00 lakh on -- Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Dist Hingoli (the bank) for non-compliance with directions issued by RBI on director related loans. The penalty has been imposed\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=330684"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/330684\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/323058"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=330684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=330684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=330684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}