Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
RBI slaps penalty of Rs 3 cr on Axis Bank, Rs 2 cr on Indian Overseas Bank for violation of NPA, KYC rules
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • RBI slaps penalty of Rs 3 cr on Axis Bank, Rs 2 cr on Indian Overseas Bank for violation of NPA, KYC rules

RBI slaps penalty of Rs 3 cr on Axis Bank, Rs 2 cr on Indian Overseas Bank for violation of NPA, KYC rules

Indo Asian News Service • March 6, 2018, 09:53:33 IST
Whatsapp Facebook Twitter

The central bank also said the action on the two commercial banks is based on deficiencies in regulatory compliance.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
RBI slaps penalty of Rs 3 cr on Axis Bank, Rs 2 cr on Indian Overseas Bank for violation of NPA, KYC rules

Mumbai: The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on private sector Axis Bank for violation of non-performing asset (NPA) classification norms, and Rs 2 crore on state-run Indian Overseas Bank (IOB) for not complying with the Know Your Customer (KYC) regulations, the banking regulator said on Monday. A statutory inspection of Axis Bank, with reference to its financial position as on March 31, 2016, revealed “violations of various regulations issued by RBI in the assessment of NPAs”, or bad loans, the central bank said in a statement. “The RBI has imposed, on February 27, 2018, a monetary penalty of Rs 30 million on Axis Bank Ltd for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms,” it said. [caption id=“attachment_4377993” align=“alignleft” width=“380”]RBI headquarters, Mumbai. Reuters. RBI headquarters, Mumbai. Reuters.[/caption] NPAs in the banking system have crossed the staggering level of Rs 8.5 lakh crore, of which state-run banks account for Rs 7.5 lakh crore. In a separate release regarding Indian Overseas Bank, the RBI said that a fraud was detected in one of the branches of IOB, resulting in the regulator imposing a penalty of Rs 2 crore on the government-owned bank. “The examination of the documents, including the bank’s internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on KYC norms”, RBI said. The central bank also said the action on the two commercial banks is based on deficiencies in regulatory compliance “and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers”. Last month, the banking system was rocked with the unveiling of the Rs 12,600 crore fraud on state-run Punjab National Bank by the accused diamantaire Nirav Modi and his uncle Mehul Choksi.

Tags
RBI Reserve Bank of India Axis Bank NPA Punjab National Bank Indian Overseas Bank non performing assets KYC norms PNB fraud PNB scam know your customers punjab national bank fruad
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV