Question
Under which section of the Banking Regulation Act, 1949,
were the penalties on Axis Bank, ICICI Bank, and other banks imposed?Solution
All listed penalties on the banks (Axis Bank, ICICI Bank, Bank of Maharashtra, IDBI Bank, and Bank of Baroda) were issued under Section 47A(1)(c) of the Banking Regulation Act, 1949, which authorizes the RBI to penalize non-compliance with its directions.
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