RBI imposes monetary penalty on Axis Bank

[Walter White]

Axis bank has been penalized due to the failure of Axis Bank to maintain certain records of its recovery procedure; again, this action does not nullify the validity of any transaction.

"Scrutiny Report and all related correspondence in that regard, revealed, inter alia, that the bank (i) failed to preserve records pertaining to the identification of customers and their address in certain cases, (ii) made persistent calls to some of the customers, (iii) failed to ensure appropriate behaviour of recovery agents with some of the delinquent borrowers and (iv) failed to ensure a tape recording of the content/text of the calls made by the recovery agents to some of the customers and (v) did not obtain declarations from the customer at the time of opening of current accounts."

They deserve it

https://twitter.com/RBI/status/1725122104528712074?t=kdXsSkYwkpL7IZ30cgONcA&s=09

 

[ashwink]

Kabhi Kushi Kabhi Gam 😂😂😂

 

[D₹V]

They deserve it

https://twitter.com/RBI/status/1725122104528712074?t=kdXsSkYwkpL7IZ30cgONcA&s=09

RBI ne Axis ko aukaat dikha di:

 

[Deleted member 19066]

Kandha.. Kamar.. Ya ghutna koi bhi ho taklif... RBI Fast Relief... 😂😂😂

 

[Deleted member 21942]

Axis bank customers be ready for extra consolidated charges to make it up for monetary penalty 😜

 

[Walter White]

Mujhe pata hai iske baad bhi Axis nhi sudhrega 😂

 

[ashwink]

Axis bank customers be ready for extra consolidated charges to make it up for monetary penalty 😜

It's Axit's ancestral trick and style 😎

 

[sxchzy]

ab ek aur devaluation aajayega aur loan ke rates 20 bps upar ya deposits ka rate 20 bps neeche

 

[Pavan]

Honestly axis cashback cards are now working very smooth and on time no hickups
Magus damaged there reputation and they deserve it

They have already collected more than this in the form of Monthly SMS caharges no loss to bank

 

[akshayhs]

What a time to be alive! Even RBI wants a fair share of cashback! /s 😂

 

[redcarpet]

"that the bank (i) failed to preserve records pertaining to the identification of customers and their address in certain cases, (ii) made persistent calls to some of the customers, (iii) failed to ensure appropriate behaviour of recovery agents with some of the delinquent borrowers and (iv) failed to ensure a tape recording of the content/text of the calls made by the recovery agents to some of the customers and (v) did not obtain declarations from the customer at the time of opening of current accounts"


They lost/didn't record some KYC details of customers, didnt take declarations while account opening, and shady and unethical practices by recovery agents.
They should be penalized even more.

 

[Walter White]

What a time to be alive! Even RBI wants a fair share of cashback! /s 😂

Cashback nhi hafta bolte hai 😜

 

[redcarpet]

Suffer kar rahe customers aur paise RBI ko? Petition to distribute amount to suffered customers

 

[RevEng]

They lost/didn't record some KYC details of customers, didnt take declarations while account opening, and shady and unethical practices by recovery agents.
They should be penalized even more.

This Statutory Inspection was for the FY that ended in March 2022.

Axis Bank continues to loose customer applications even in 2023. They were not able to find my credit card application during an address dispute.

Hope they get fined in the FY 2023 and FY 2024 audit as well.