As we all know that Father of the bank is known Reserve bank of India that can impose the penalty on any kinds of the banks and finance dealing company. If the banks does not follow the rules and regulations of the RBI at the same time it takes the decision to impose the penalty in bulk amount. Recently RBI imposed the penalty amount of the 2.91 Crore on Mumbai based Axis Bank and HDFC Bank both. Total RBI Charge the Penalty of 2.91 Crore.
Main Points of the Charge
- 1.91 Crore from the Axis Bank due to misleading the customer in Interest rate as well as KYC Misleading. Along this misguide in the Agriculture free loan and later on take the amount.
- 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.
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FAQs from this Topics
Q. How much amount RBI charged on the Axis Bank as penalty?
A. The RBI has charged the penalty amount of the 1.91 from the Axis Bank.
Q. Why RBI has charged the amount from the Axis Bank.
A. Because of not following the RBI rules such as KYC Misleading. Along this misguide in the Agriculture free loan and later on take the amount.
Q. How much amount HDFC Bank has to pay to RBI as Penalty?
A. The Total Amount will be paid by the HDFC Bank to RBI as penalty amount is 1 Crore.