The Reserve Bank of India (RBI) has severely penalized Axis Bank, a private sector bank. Axis Bank has been fined Rs 90.92 lakh by the RBI. Axis Bank has been hit with this penalty by the Central Bank for disobeying the directives. The Reserve Bank announced in a statement that some rules pertaining to KYC rules, Loans, and Risk Management of 2016 had been released. There is a fine for breaking these guidelines.
Another instance involves a recovery agent acting inappropriately
The reason for this action stems from the conclusions of the RBI’s statutory inspection for ISE 2022 about the financial standing of Axis Bank as of March 31, 2022. The examination turned up a number of errors, some of which included the bank’s carelessness in keeping track of customer identity and address documents. Axis Bank was also found guilty of using recovery agents improperly while dealing with debtors and calling some clients a lot. There has also been an instance of failure to do so.
According to RBI: The cassette recording was not successfully provided by the bank
In addition, the bank was unable to deliver the tape recording of the calls the recovery agents placed to certain clients. According to the IBI statement, the central bank concluded that the claims of breaking the regulations are accurate during the conversations held during the in-person hearing. In addition, the Central Bank decided that a fine was required. Axis Bank Limited’s shares fell Rs 15.70 to settle at Rs 1,025.60 on the BSE on Thursday.
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