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      Question

      Which regulatory body imposed fines on Axis Bank and

      HDFC Bank for failing to adhere to specific guidelines?
      A NABARD Correct Answer Incorrect Answer
      B Reserve Bank of India (RBI) Correct Answer Incorrect Answer
      C Employees' Provident Fund Organisation (EPFO) Correct Answer Incorrect Answer
      D Securities and Exchange Board of India (SEBI) Correct Answer Incorrect Answer
      E Small Industries Development Bank of India (SIDBI) Correct Answer Incorrect Answer

      Solution

      The Reserve Bank of India (RBI) recently fined Axis Bank β‚Ή1.91 crore and HDFC Bank β‚Ή1 crore for not complying with norms concerning KYC and unique customer identification codes, aiming to strengthen banking oversight.

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