Correct Answer : Axis Bank
The Reserve Bank of India has imposed a monetary penalty of Rs 5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions issued by RBI on ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’, ‘Cyber Security Framework in Banks’, ‘RBI (Financial Services provided by Banks) Directions, 2016’, ‘Financial Inclusion- Access to Banking Services – Basic Savings bank Deposit Account’ and ‘Frauds – Classification and Reporting’.