{"id":23931,"date":"2018-03-06T11:38:55","date_gmt":"2018-03-06T11:38:55","guid":{"rendered":"http:\/\/punjabnews24.com\/?p=23931"},"modified":"2018-03-06T11:38:55","modified_gmt":"2018-03-06T11:38:55","slug":"rbi-slaps-rs-3-cr-penalty-on-axis-bank-rs-2-cr-on-iob","status":"publish","type":"post","link":"https:\/\/blastingskyhawk.com\/english\/rbi-slaps-rs-3-cr-penalty-on-axis-bank-rs-2-cr-on-iob\/","title":{"rendered":"RBI slaps Rs 3-cr penalty on Axis Bank, Rs 2-cr on IOB"},"content":{"rendered":"<p>Mumbai,<br \/>\nThe Reserve Bank on Monday said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.<\/p>\n<p>RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its financial position as on March 31, 2016.<\/p>\n<p>The inspection, inter alia, revealed &#8220;violations of various regulations issued by RBI in the assessment of non-performing assets (NPA)&#8221;,the central bank said in a statement.<\/p>\n<p>&#8220;The RBI has imposed, on February 27, 2018, a monetary penalty of Rs 30 million on Axis Bank Limited for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms,&#8221; it said.<\/p>\n<p>Regarding the state-owned Indian Overseas Bank, the regulator said in a separate release that a &#8220;fraud was detected&#8221; in one of the branches of the bank.<\/p>\n<p>&#8220;The examination of the documents, including the bank&#8217;s internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms&#8221;, RBI said, while imposing the Rs 2 crore penalty on IOB.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Mumbai, The Reserve Bank on Monday said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations. RBI said it had carried out a statutory inspection of private sector player Axis Bank [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":23932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-23931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=23931"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23931\/revisions"}],"predecessor-version":[{"id":23933,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23931\/revisions\/23933"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/23932"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=23931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=23931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=23931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}