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The Reserve Bank of India has imposed a monetary penalty of Rs 5 crore on which bank?
A)
SBI
B)
Axis Bank
C)
HDFC Bank
D)
ICICI Bank

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’.

Published On : July 30, 2021
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