Reserve Bank of India- RBI has taken major action against the big private sector bank Axis Bank. A fine of lakhs of rupees was imposed on the bank. This penalty has been imposed due to the negligence shown by the bank towards its customers. The central bank says that the bank did not follow the instructions of the RBI.

RBI has imposed a fine of Rs 90.92 lakh on Axis Bank. After imposing the fine on Axis Bank, RBI issued a statement saying that the 2016 KYC guidelines, risk management and lending rules were not followed. Due to which fine was imposed on AXIS Bank.

Bank’s negligence in maintaining customer records

Axis Bank was also negligent in maintaining records related to the identity and address of customers. Customers also accused the bank of continuously calling customers. Along with this, many complaints were also filed against the recovery agents.

Bank does not have tape recording of customers

During the investigation, recordings of calls made by agents to customers were sought from Axis Bank. Therefore the bank could not provide that also. After investigation, the bank found that Axis Bank was not following many rules. Therefore the Central Bank imposed a heavy fine on the bank.

This penalty imposed on Axis Bank will not have any impact on the customers. Only the bank will have to pay the fine for violating the rules. The impact of this fine was definitely visible on the shares of Axis Bank. A decline was seen in this stock on Friday also.