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Reserve Bank of India (RBI) on Thursday said that it has imposed a penalty of Rs 90.93 lakh on Axis Bank for breach of norms.The breach relates to directions issued by RBI on Know Your Customer (KYC) norms, 'Loans and Advances â€" Statutory ...
RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance for non-compliance with rules
This penalty has been imposed in the exercise of powers vested in RBI conferred under the provisions of Section 47 A (1); said RBI.
RBI has also pointed out irregularities in the appointment of the company secretary and independent directors, and given a draft Risk Mitigation Plan with timelines.
There are concerns over the company’s risk management practices and the robustness of its governance framework, the regulator said.