The Reserve Bank of India (RBI) has fined Axis Bank ₹1.91 crore for multiple regulatory breaches.
The violations include opening savings accounts for ineligible entities, assigning multiple customer IDs instead of a Unique Customer Identification Code (UCIC), taking collateral for agricultural loans up to ₹1.60 lakh, and allowing a wholly owned subsidiary to engage in non-permissible business activities related to technology services.
This action underscores the importance of adhering to regulatory guidelines
