RBI slaps Rs 25 lakh fine on Axis Bank for KYC norms violation
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The Reserve Bank of India (RBI) has imposed a penalty of Rs 25 lakh on Axis Bank for violation/non-compliance of Know Your Customer (KYC) regulations. The penalty has been imposed in exercise of powers vested in the RBI under provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.