Question

Under which section of the Banking Regulation Act, 1949, were the penalties on Axis Bank, ICICI Bank, and other banks imposed?

Q: Answer-Under which section of the Banking Regulation Act, 1949, were the penalties on Axis Bank, ICICI Bank...

All listed penalties on the banks Axis Bank, ICICI Bank, Bank of Maharashtra, IDBI Bank, and Bank of Baroda were issued under Section 47A1c of the Banking Regulation Act, 1949, which authorizes the RBI to penalize non-compliance with its directions.

A Section 35

B Section 42

C Section 47A(1)(c)

D Section 36AA

E Section 45L

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Under which section of the Banking Regulation Act, 1949, were the penalties on Axis Bank, ICICI Bank, and other banks imposed?

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