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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 13-JUL-2024

PRIVATE BANKS: DID NOT ENSURE APPROPRIATE BEHAVIOR OF RECOVERY AGENTS WITH SOME OF DELINQUENT BORROWERS AND DID NOT ENSURE A TAPE RECORDING OF THE CONTENT/TEXT OF THE CALLS MADE BY THE RECOVERY AGENTS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AXIS BANK LTD.
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON PRESERVATION OF RECORDS OF IDENTIFICATION OF CUSTOMERS AND/OR THEIR ADDRESSES

MADE PERSISTENT CALLS TO SOME OF THE CUSTOMERS

DID NOT ENSURE APPROPRIATE BEHAVIOR OF RECOVERY AGENTS WITH SOME OF DELINQUENT BORROWERS AND DID NOT ENSURE A TAPE RECORDING OF THE CONTENT/TEXT OF THE CALLS MADE BY THE RECOVERY AGENTS

DID NOT OBTAIN DECLARATIONS FROM CUSTOMERS AT THE TIME OF OPENING OF CURRENT ACCOUNTS   		IMPOSED PENALTY RS.90,92,000

02-NOV-2023 		 
2
History of entity/person RBL BANK LTD.
  DID NOT COMMUNICATE DECISION OF ITS INTERNAL OMBUDSMAN (IO) PROPERLY

DID NOT ENSURE APPROPRIATE BEHAVIOR OF RECOVERY AGENTS WITH SOME OF DELINQUENT BORROWERS AND DID NOT ENSURE A TAPE RECORDING OF THE CONTENT/TEXT OF THE CALLS MADE BY THE RECOVERY AGENTS

DID NOT ENSURE THAT THE PRE-EMPLOYMENT POLICE VERIFICATION WAS CARRIED OUT FOR RECOVERY AGENTS ENGAGED BY IT

DID NOT ENSURE THAT THE RECOVERY AGENTS ENGAGED BY BANK EITHER DIRECTLY OR THROUGH RECOVERY AGENCIES HAD COMPLETED TRAINING COURSE FOR DIRECT RECOVERY AGENTS AND OBTAINED CERTIFICATE FROM INDIAN INSTITUTE OF BANKING & FINANCE

PERSISTENT/REPEAT COMPLAINTS ABOUT HARASSMENT OF CUSTOMERS DUE TO RECOVERY AND COLLECTION METHODS A ADOPTED BY THE COMPANY   		IMPOSED PENALTY RS.2,27,25,000

06-MAR-2023 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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