RBI Slaps Penalty On Axis Bank And Indian Overseas Bank
Posted on:07 Mar 2018 10:48:25
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07 March 2018 Current Affairs: The Reserve Bank of India (RBI) imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of Non-Performing Asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations.
A statutory inspection of Axis Bank, with reference to its financial position, revealed "violations of various regulations issued by RBI in the assessment of NPAs", or bad loans.
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