Reserve Bank imposed a fine of five crores on Axis Bank for violating the rules

The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Axis Bank for violating certain provisions of its directives, including cyber security framework. Penalty has been imposed for violation/non-compliance of certain provisions of the directions issued by the Reserve Bank. These include strengthening of control of payment mechanisms between sponsor banks and SCBs/UCBs as corporate clients, cyber security framework in banks, and the Reserve Bank of India (Financial Services Provided by Banks) Directions, 2016. These include financial inclusion – banking services facilitation – primary savings bank deposit accounts, and fraud – classification and reporting. The Reserve Bank said that the statutory inspection for Supervisory Appraisal (ISE) of a bank is carried out on March 31, 2017, (ISE 2017), March 31, 2018, (ISE 2018), and March 31, 2019 (ISE 2019) on the financial position of the bank. were done. Scrutiny of the Risk Assessment Reports relating to ISE 2017, ISE 2018 and ISE 2019 revealed violations of the directives.