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Axis Bank Edges Lower After Reserve Bank Imposes Penalty For Violation Of Rules

Axis Bank Edges Lower After RBI Imposes Penalty For Violation Of Rules

At 10:10 am, Axis Bank shares have been buying and selling at Rs 795, decrease by 0.44 per cent, on the BSE

Axis Bank shares edged decrease in early buying and selling a day after the Reserve Bank of India (RBI) imposed a financial penalty of Rs 25 lakh for violation of guidelines. The RBI, in an order dated September 1, held Axis Bank liable for failing to adjust to sure provisions of Know Your Customer (KYC) norms. At 10:10 am, Axis Bank shares have been buying and selling at Rs 795, decrease by 0.44 per cent, on the BSE.

During February 2020 and March 2020, RBI carried out a scrutiny in a buyer account maintained with the main personal financial institution. Axis Bank failed to observe the continued due diligence within the explicit account to make sure that the transactions have been per its information in regards to the buyer, buyer’s enterprise and danger profile, the banking regulator stated in a press release.

The penalty is predicated upon the deficiencies in regulatory compliance and won’t influence the validity of any transaction or settlement entered into by Axis Bank with its clients, RBI clarified.

The BSE Sensex and NSE Nifty have been buying and selling increased by 0.2 per cent on the time.

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