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RNS Number : 8222T Axis Bank Limited 17 November 2023
AXIS/CO/CS/456/2023-24
November 17, 2023
Dear Sir(s),
Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
We wish to inform you that the Reserve Bank of India ("RBI") has, vide letter
dated November 16, 2023, imposed a monetary penalty amounting to Rs. 90.92
lakhs (Rupees Ninety lakh and Ninety Two Thousand only) for non-compliance
with certain directions issued by RBI on 'Reserve Bank of India (Know Your
Customer (KYC)) Directions, 2016
(https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11566) ', 'Loans and
Advances - Statutory and Other Restrictions', 'Guidelines on Managing Risks
and Code of Conduct in Outsourcing of Financial Services by banks' and 'Code
of Conduct for Opening and Operating Current Accounts'. The press release
issued by RBI is attached herewith.
This penalty has been imposed in exercise of powers vested in RBI conferred
under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the
Banking Regulations Act, 1949 and emanates from statutory inspections for
supervisory evaluation for FY22.
The Bank has already initiated / taken corrective measures, as necessary, to
align the operations / procedures in line with the stipulations of the RBI.
The relevant information as per the format prescribed by SEBI vide its
circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, is
attached as Annexure A.
This is for your information and records.
Thanking You.
With warm regards,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
Encl: a/a
http://www.rns-pdf.londonstockexchange.com/rns/8222T_1-2023-11-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8222T_1-2023-11-17.pdf)
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