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In July 2021, the RBI has imposed a monetary penalty of Rs. 5 crore on which bank for non-compliance with certain provisions?

In July 2021, the RBI has imposed a monetary penalty of Rs. 5 crore on which bank for non-compliance with certain provisions? Correct Answer Axis Bank

The correct answer is Axis Bank.

  • The RBI has imposed a monetary penalty of Rs. 5 crore on Axis Bank for non-compliance with certain provisions.
  • The penalty is a violation of certain provisions issued by RBI on ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’ dated May 9, 2019, ‘Cyber Security Framework in Banks’ dated June 2, 2016, etc.
  • They also include 'Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account'; and 'Frauds-Classification and Reporting'.
  • 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, and ISE 2019; the report of scrutiny carried out by RBI.

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