The Reserve Bank of India (RBI) on Wednesday imposed Rs 5-crore fine on Axis Bank for non-compliance with certain provisions of the central bank’s norms on payment ecosystem between banks as a corporate customer, cyber security, and financial inclusion norms.
The action, RBI clarified, was based on the deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction.
The fine was imposed on the bank on the basis of a scrutiny carried out by RBI in the backdrop of a fraud and related transactions, which was submitted by the bank to the regulator in June 2020. The contraventions were found by the regulator during the inspections.
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