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