RBI Imposes Monetary Penalty of Rs 2.91 Crore on Axis Bank & HDFC Bank The Reserve Bank of India (RBI) has imposed a monetary penalty totalling Rs 2.91 Cror e on Mumbai (Maharashtra) based Axis Bank Limited and Mumbai (Maharashtra) based HDFC Bank Limited for certain deficiencies in statutory and regulatory compliance. i. Axis Bank has been fined Rs 1.91 crore for violating certain provisions of the Banking Regulation Act, as well as failing to comply with certain directions on Interest Rate on Deposits, Know Your Customer (KYC), and Credit Flow to Agriculture-Collateral-free agricultural loans. ii. HDFC Bank has been fined Rs 1 crore for failing to comply with certain directions on Interest rates on deposits, recovery agents engaged by banks, and customer service in banks. iii.