The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Axis Bank for violating the rules.
The penalty has been imposed for “violation/non-compliance” of certain provisions of the directions issued by the Reserve Bank of India (RBI). These include ‘Strengthening the control of payment mechanisms between sponsor banks and SCBs/UCBs as corporate customers’, ‘Cyber Security Framework in Banks’ and ‘Reserve Bank of India (Financial Services to be Provided by Banks) Directions, 2016’. Are included.
Which will not have any effect on the customers. RBI clarified that this penalty has been imposed on banks for lack of regulatory compliance, it has no relation with any transaction of customers.
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Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.