RBI Slaps Penalty On Axis Bank And Indian Overseas Bank

Posted on:07 Mar 2018 10:48:25
RBI Slaps Penalty On Axis Bank And Indian Overseas Bank
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.
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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