The imposed a monetary penalty of 90.92 lakh on Ltd for non-compliance with certain directions issued by the apex bank on ‘Reserve Bank of India ( (KYC)) Directions, 2016’, ‘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 Reserve Bank said after examination of the Risk Assessment Report/Inspection Report pertaining to ISE 2022, Scrutiny Report and all related correspondence in that regard, it observed that the Axis Bank failed to preserve records pertaining to the identification of customers and their address in certain cases, and made persistent calls to some of the customers. Also Read | “The bank also failed to ensure appropriate behaviour of recovery agents with some of the delinquent borrowers and failed to ensure a tape recording of the content/text of the calls made by the recovery agents to some of the customers", the said The bank did not obtain declarations from the customer at the time of opening of current accounts, the RBI added. Also Read | Consequently, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by RBI, as stated therein. The banking regulator said after considering the reply from the Axis Bank to the notice, oral submissions made during the personal hearing and additional submissions made by it, the apex bank came to the conclusion that the aforementioned charge of non-compliance was substantiated and warranted imposition of monetary penalty. Also Read | This penalty has been imposed in exercise of powers vested in RBI conferred under provisions of the Banking Regulation Act, 1949. The RBI further said this action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. BANK OF INDIA Livemint tops charts as the fastest growing news website in the world to know more.