RBI imposes monetary penalty on Axis Bank and HDFC Bank—here’s why
3 months, 1 week ago

RBI imposes monetary penalty on Axis Bank and HDFC Bank—here’s why

New Indian Express  

The Reserve Bank of India has imposed a Rs 2.91 crore penalty on Axis Bank and HDFC Bank for failing to comply with regulatory standards. Meanwhile, HDFC Bank has been fined Rs 1 crore for non-compliance with directions related to interest rates, customer service practices, and the use of recovery agents. The RBI’s supervisory evaluation of Axis Bank, assessing its financial position as of March 31, 2023, uncovered multiple compliance issues. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty,” RBI said.

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History of this topic

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies
3 days, 9 hours ago

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies

Hindustan Times  

A penalty of ₹27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday. For failing to comply with specific rules pertaining to "interest rate on deposits," IndusInd Bank has been fined ₹ 27.30 lakh by the Reserve Bank. After considering the reply of …

Important notice for Axis Bank and HDFC Bank's customers: Online banking services to be disrupted temporarily
5 months, 1 week ago

Important notice for Axis Bank and HDFC Bank's customers: Online banking services to be disrupted temporarily

India TV News  

HDFC Bank and Axis Bank have informed their combined 140 million customers about potential service disruptions this weekend due to system upgrades. HDFC Bank service disruption Timing of downtime: HDFC Bank's UPI services will be unavailable on July 13, 2024, from 3:00 AM to 3:45 AM and from 9:30 AM to 12:45 PM. Axis Bank service disruption Timing of downtime: …

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here
6 months, 1 week ago

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here

News 18  

The Reserve Bank of India on Friday, June 14, imposed a penalty of Rs 1.45 crore on Central Bank of India for non-compliance with certain RBI norms. “The Reserve Bank of India has, by an order dated June 11, 2024, imposed a monetary penalty of Rs 1,45,50,000 on Central Bank of India for non-compliance with certain directions issued by RBI …

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction
6 months, 1 week ago

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction

Hindustan Times  

Axis Bank has been fined more than ₹1.66 crore by the Financial Intelligence Unit for "failing" to place a mechanism to detect and report suspicious transactions, following one such incident at one of its branches involving a fraudulent account in the name of counter-terrorist commando force NSG, PTI reported. Representational An Axis Bank manager was alleged to have been part …

Axis Bank Hit With Rs 1.66 Cr Fine By FIU For Failing To Detect Fraud NSG Account
6 months, 1 week ago

Axis Bank Hit With Rs 1.66 Cr Fine By FIU For Failing To Detect Fraud NSG Account

News 18  

The Financial Intelligence Unit has slapped a fine of more than Rs 1.66 crore on Axis Bank for “failing” to put in place a mechanism to detect and report suspicious transactions carried out at one of its branches by creating a “fraud” account in the name of counter-terrorist commando force NSG. According to the summary order accessed by PTI, the …

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms
6 months, 3 weeks ago

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms

News 18  

The Reserve Bank of India has imposed a penalty of Rs 1 crore on ICICI Bank, and Rs 91 lakh on Yes Bank for non-compliance with norms. “The Reserve Bank of India has, by an order dated May 21, 2024, imposed a monetary penalty of ₹1.00 crore on ICICI Bank Ltd. for non-compliance with certain directions issued by RBI on …

Axis Bank credit card users impacted by fraudulent transactions: How did it happen? How many are impacted?
8 months, 3 weeks ago

Axis Bank credit card users impacted by fraudulent transactions: How did it happen? How many are impacted?

Hindustan Times  

Multiple Axis Bank credit cards' customers have been impacted by fraudulent overseas transactions, a senior official from the third largest private sector lender said. Customers witnessed unauthorised transactions where they received transaction alerts on certain low-value purchases being carried out at some e-commerce sites, Sanjeev Moghe, head of cards and payments at Axis Bank said. The official said that the …

RBI to conduct special audit for regulatory breaches by IIFL Finance, JM Financial Products
9 months ago

RBI to conduct special audit for regulatory breaches by IIFL Finance, JM Financial Products

India TV News  

IIFL Finance Ltd and JM Financial Products Ltd will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The central bank barred IIFL Finance from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. "Certain material supervisory concerns …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances
10 months, 1 week ago

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances

Live Law  

The recent action of the Reserve Bank of India against Paytm's subsidiary, the Paytm Payment Bank has sent ripples across the fintech industry. This action of the RBI comes in light of multiple repeated violations by the Paytm Payment Bank of various compliances, regulations, and directions that are in place to regulate the functioning of payment banks. It is pertinent …

HDFC Bank gets RBI nod to acquire up to 9.5% stake in ICICI Bank, 5 others
10 months, 2 weeks ago

HDFC Bank gets RBI nod to acquire up to 9.5% stake in ICICI Bank, 5 others

The Hindu  

HDFC Bank on Tuesday said RBI has given approval to the group to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank. "The approvals were granted pursuant to applications made by HDFC Bank to RBI on December 18, 2023," HDFC Bank said in a regulatory filing. The six lenders in which HDFC …

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary
10 months, 3 weeks ago

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary

Hindustan Times  

Paytm Payments Bank, a wholly-owned subsidiary of fintech major Paytm, has been barred by the Reserve Bank of India from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, and more, after February 29. Representative Image However, this is not for the first time that Paytm Payments Bank, launched in November 2017, finds itself in trouble. …

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank
11 months, 1 week ago

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank

The Hindu  

The Reserve Bank on Friday said it has imposed penalties totalling ₹2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances — Statutory and Other Restrictions', KYC and certain norms related to …

RBI imposes fine on 3 banks for non-compliances, check details
11 months, 1 week ago

RBI imposes fine on 3 banks for non-compliances, check details

Live Mint  

The Reserve Bank of India on 12 January imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions', KYC, and certain norms related to …

RBI Imposes Penalty On Axis Bank; Stock Declines 3 Per Cent
1 year, 1 month ago

RBI Imposes Penalty On Axis Bank; Stock Declines 3 Per Cent

ABP News  

The Reserve Bank of India on Thursday imposed a monetary penalty of Rs 90.92 lakh on Axis Bank for violation of certain directions. The RBI by an order dated November 02, 2023, imposed a monetary penalty of Rs 90.92 lakh on Axis Bank Ltd for non-compliance with certain directions. In a separate statement, the RBI said it has imposed a …

RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance
1 year, 1 month ago

RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance

News 18  

The Reserve Bank of India on Thursday imposed a penalty of Rs 90.92 lakh on Axis Bank for non-compliance with its certain directions. The RBI has also slapped a fine of Rs 42.78 lakh on Manappuram Finance Ltd. “The Reserve Bank of India has, by an order dated November 02, 2023, imposed a monetary penalty of Rs 90.92 lakh on …

Panipat Commission Holds Axis Bank Liable For Delaying Release Of Fixed Deposit After Maturity Date
1 year, 1 month ago

Panipat Commission Holds Axis Bank Liable For Delaying Release Of Fixed Deposit After Maturity Date

Live Law  

The Panipat District Consumer Disputes Redressal Commission bench comprising of Dr. RK Dogra and Dr. Suman Singh held Axis Bank liable of deficiency of service for not releasing the Fixed Deposit of Rs 1.4 Lacs to the complainant, even after the maturity date. Axis Bank argued that the complaint was not maintainable due to the complainant’s failure to submit the …

Bank FD: ICICI Bank vs Axis Bank vs HDFC Bank; Check Comparison of Latest Interest Rates
1 year, 9 months ago

Bank FD: ICICI Bank vs Axis Bank vs HDFC Bank; Check Comparison of Latest Interest Rates

News 18  

Several banks, including Axis Bank, ICICI Bank, HDFC Bank and SBI, have raised their interest rates on both deposits and loans multiple times in the recent past. The RBI MPC last month raised the key repo rate by 25 basis points to 6.50 per cent. Here’s the comparison of the current fixed deposit interest rates offered by three lenders Axis …

RBI imposes Rs 1.67 crore penalty on Ola Financial Services
2 years, 5 months ago

RBI imposes Rs 1.67 crore penalty on Ola Financial Services

India TV News  

The Reserve Bank on Tuesday imposed a penalty of over Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment instruments and Know Your Customer norms. Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products. "After considering the …

Axis Bank Fixed Deposit, Savings Account Interest Rates Hiked: Check Latest Rates Here
2 years, 6 months ago

Axis Bank Fixed Deposit, Savings Account Interest Rates Hiked: Check Latest Rates Here

News 18  

Axis Bank Interest Rate Hike: Leading private sector lender Axis Bank has good news for its customers. Axis Bank FD Interest Rates The Axis Bank FD rate hike comes at a time when leading banks are increasing their fixed deposit interest rates. Here are the revised interest rates on fixed deposits below Rs 2 crore at the Axis Bank from …

RBI slaps penalties on Axis, IDBI Bank
2 years, 8 months ago

RBI slaps penalties on Axis, IDBI Bank

India TV News  

Highlights Reserve Bank of India said it has imposed penalty of Rs 93 lakh on Axis Bank for various violations IDBI Bank has been penalised for non-compliance of directions - RBI slapped a fine of Rs 90 lakh. Private sector lender violated certain provisions on loans and advances, KYC guidelines: RBI Reserve Bank of India on Friday said it has …

Axis Bank concludes structured derivative deals as RBI ban lifts
2 years, 11 months ago

Axis Bank concludes structured derivative deals as RBI ban lifts

Live Mint  

India's Axis Bank has started offering structured derivative products to leading companies including Reliance Industries after a ban on these deals was lifted by the Reserve Bank of India effective Monday. Axis Bank, India's third-largest private sector bank said the first of these transactions was executed with Reliance Industries which involved the use of Barrier FX options for their currency …

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money
3 years ago

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money

India TV News  

Highlights RBI imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik, Spice Money. RBI said that 2 entities hadn't complied with directions issued on networth requirement for BBPOUs The RBI, however, added that the penalties are based on deficiencies in regulatory compliance The Reserve Bank of India on Thursday said it has imposed a penalty …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank
3 years, 2 months ago

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank

India TV News  

The Reserve Bank of India has imposed a penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions. The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'. The statutory inspection of the …

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
3 years, 4 months ago

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The contravention of/ non-compliance with the directions has been revealed by — the examination of the Risk Assessment Reports pertaining to ISE 2017, ISE 2018 …

RBI imposes penalty on 14 banks for contravention of various norms
3 years, 5 months ago

RBI imposes penalty on 14 banks for contravention of various norms

The Hindu  

In a release Wednesday, the Reserve Bank of India said it has imposed a penalty of ₹145 million on 14 banks for breach of several norms. The provisions breached include guidelines on ‘Lending to Non-Banking Financial Companies’, ‘Bank Finance to Non-Banking Financial Companies’, ‘Loans and Advances Statutory and Other Restrictions’, ‘Creation of a Central Repository of Large Common Exposures Across …

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks
3 years, 5 months ago

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks

India TV News  

The Reserve Bank of India on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India and Bank of Baroda for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies ', 'Bank Finance to Non-Banking Financial Companies ', …

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank
3 years, 6 months ago

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank

India TV News  

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. Examination of the risk assessment report pertaining …

RBI cancels licence of THIS bank. Check details
3 years, 6 months ago

RBI cancels licence of THIS bank. Check details

India TV News  

The Reserve Bank of India has cancelled the licence of the Pune-based Shivajirao Bhosale Sahakari Bank. As per data submitted by Shivajirao Bhosale Sahakari Bank, more than 98 per cent of the depositors will receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation, the RBI said in a release. Giving details, the RBI said the …

RBI Imposes Rs 10 Cr Penalty on HDFC Bank Over Irregularities in Auto Loan Portfolio
3 years, 6 months ago

RBI Imposes Rs 10 Cr Penalty on HDFC Bank Over Irregularities in Auto Loan Portfolio

News 18  

The Reserve Bank has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. In a statement on Friday, the Reserve Bank of India said it has imposed a monetary penalty of Rs 10 crore on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, …

RBI Appoints External Firm to Audit HDFC Bank's IT Infra in View of Service Outages
3 years, 10 months ago

RBI Appoints External Firm to Audit HDFC Bank's IT Infra in View of Service Outages

News 18  

The HDFC Bank on Tuesday said the Reserve Bank of India has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country's largest private sector lender over the past two years. The bank shall accordingly extend its cooperation to the external professional IT firm so …

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions
3 years, 11 months ago

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions

News 18  

The Reserve Bank on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions of directions concerning interest rate on deposits. The central bank said the statutory inspection of Deutsche Bank's financial position as on March 31, 2019 and the Risk Assessment Report revealed non-compliance with the 'Reserve Bank of India Directions, 2016'. …

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI
4 years, 3 months ago

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI

News 18  

The Reserve Bank of India took enforcement action against 41 regulated entities by imposing an aggregate penalty of Rs 61.15 crore between July 1, 2019, and June 30, 2020. During the July 2019-June 2020 period, the RBI undertook enforcement action against 41 REs and imposed an aggregate penalty of Rs 61.15 crore. The DICGC raised the limit of insurance cover …

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