After Axis Bank, RBI imposed a heavy fine on another bank

The Reserve Bank of India (RBI) on Monday announced a Rs. 50.35 lakh in fines. A few days ago, the Reserve Bank of India (RBI) paid Rs 5 crore to Axis Bank.

The Reserve Bank has fined Janalakshmi Co-operative Bank for not following the directions given by the Reserve Bank on ‘Deposit Scheme with Primary Banks’ and other Membership of Credit Information Companies (CIC). In addition, RBI has imposed a fine of Rs 3 lakh on the Noida Commercial Co-operative Bank of Ghaziabad.

Also Read: RBI imposes heavy penalties on 14 banks including SBI and Bank of Baroda

A few days ago, the RBI imposed a fine of Rs 5 crore on Axis Bank for not complying with the Directives related loans and opening of new business premises. The central bank has imposed these penalties on Axis Bank for violation of certain provisions of its directives. Axis Bank is accused of violating RBI rules, ‘strengthening the payment mechanism between corporate banks and SCB / UCB as corporate clients’, ‘cyber security framework in banks’ and ‘Reserve Bank of India (RBI)’ financial services provided by banks), 2016.

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