Axis Bank share price decreased slightly in the first trade on September 2 after Central Bank imposed a fine of Rs 25 lakh on the bank for illegal activities.
The Reserve Bank of India (RBI) on September 1 ruled that Axis Bank would impose a $ 25 fine for violating the rules, the central bank said on Wednesday.
The Regulator noted the violation / non-compliance with certain provisions of the RBI issued guidelines contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016.
The move is based on errors in compliance with the law and is not intended to challenge the validity of any transaction or agreement entered into by the bank and its customers, the RBI said.
The RBI scrutinized Axis Bank in February 2020 and March 2020 on a customer account held by the bank and found that the bank had failed to follow the above-mentioned guidelines issued by the RBI, the regulator said.
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After that, a bank notice was issued. After considering the bank’s response, the RBI came to the conclusion that the alleged violation of the above RBI guidelines had been substantiated and authorized for a fine, up to the point of non-compliance with the above directive, the RBI said.
At 09:22 hours Axis Bank quoted Rs 797.40, down Rs 1.10, or 0.14 percent on BSE.
The allocation affected the 52-week highs of Rs 819 and the 52s weekly lows of Rs 400 on 01 September, 2021 and 24 September 2020, respectively.
Currently, it sells 2.64 percent below its 52-week high and 99.35 percent above its 52-week low.
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