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RBI Penalizes Axis Bank and Manappuram Finance: Imposes Fines for Non-Compliance with KYC and Loan Guidelines

KYCRBI Penalizes Axis Bank and Manappuram Finance: Imposes Fines for Non-Compliance with KYC and Loan Guidelines

On Thursday, the Reserve Bank of India (RBI) imposed a penalty of Rs 91 lakh on Axis Bank and Rs 43 lakh on gold loan firm Manappuram Finance for non-compliance with Know Your Customer (KYC) and loan guidelines. The regulatory action is a result of identified deficiencies in compliance and does not imply a judgment on the validity of any transactions or agreements between the bank and its customers, as clarified by the RBI.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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